Market Commentary
The Dollar Index is trading tight near the short term support of 80.00 ranges; it is currently trading at 79.90 ranges; daily close below 79.80 would result in further depreciation of the US Dollar.
The benchmark equity index (.DJIA) is currently trading at 12936 with 13080 acting as intermediate resistance. Only daily close below 12400 would put major trend at jeopardy else as the index consistently trades beyond 13300, major rally reinitiates.
Historic correlation between DX Vs DJIA suggests the long-term trend is still dollar bearish till the Dollar Index is not closing above 84.50 on monthly basis.
FX Pair Trend Resistance2 Resistance1 Support1 Support2
EURUSD Sideways-Up 1.3120 1.3080 1.3010 1.2980
USDJPY Sideways-Down 82.80 82.20 81.60 81.20
GBPUSD Sideways-Up 1.6170 1.6130 1.6060 1.6030
USDCHF Sideways 0.9300 0.9280 0.9230 0.9210
EURJPY Sideways-Up 108.90 107.70 106.50 106.10
AUDUSD Sideways 1.0540 1.0480 1.0380 1.0330
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