Market Commentary
The Dollar Index is finding support at 79.00 ranges to currently trade firm at 79.75 resulting in correction in most of the asset classes especially in the benchmark equity index of the Dow Industrials (.DJIA). Next leg of weakness in the USD is expected only on the DX closing below 79.00 on daily basis.
The benchmark equity index (.DJIA) weak at 13161 with 13300-13400 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 13300-13400, 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-Down
1.3250
1.3205
1.3120
1.3080
USDJPY
Sideways-Down
84.90
84.45
83.70
83.20
GBPUSD
Sideways-Down
1.6220
1.6205
1.6130
1.6100
USDCHF
Sideways-Up
0.9200
0.9180
0.9130
0.9090
EURJPY
Sideways-Down
112.00
111.40
109.80
108.60
AUDUSD
Sideways-Down
1.0480
1.0440
1.0330
1.0280
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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.