Market Commentary
The US Dollar continued to depreciate across the board; the Dollar Index (DX) continued to fall for continuous sixth session. The Dollar Index is currently trading flat at 79.37 after correcting from intermediate resistance of 81.00 ranges though 79.20-79.40 may again act as mild support. Daily close below 79.00 would reinitiate major Dollar weakness.
The benchmark equity index (.DJIA) is currently trading strong at 13337, with 13300 ranges acting as the short term resistance. Only daily close below 12400 would put major trend in 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
Resistance 2
Resistance 1
Support 1
Support 2
EURUSD
Sideways-Up
1.3290
1.3245
1.3180
1.3140
USDJPY
Sideways-Up
85.50
84.75
84.20
83.80
GBPUSD
Sideways-Up
1.6300
1.6275
1.6210
1.6190
USDCHF
Down
0.9200
0.9170
0.9080
0.9040
EURJPY
Sideways-Up
114.20
113.50
111.00
110.45
AUDUSD
Sideways
1.0600
1.0530
1.0490
1.0440
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Disclaimer: This report contains the views of GFM Research Private Limited. This report should not be construed as investment/trading advice. Due care is taken when gathering the data/information and the data sources are believed to be reliable, though GFM Research Private Limited nor its Group Companies guarantee for the same. Trading/investing in financial markets may result in financial and/or emotional stress, a trader/investor is advised to weigh pros and cons of trading/investing. Further disclaimer will be produced on request.