Market Commentary
The US Dollar traded mixed wherein it has traded weak against the Euro and the Aussie; continued to appreciate against the Japanese Yen and traded flat against the Cable. The Dollar Index is trading at 79.50 ranges, near the sideways trading ranges of 79.00-81.00 formed since couple of months; 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) is trading flat at 13490 ranges with 13600-13620 acting as short-term resistance. Only daily close below 12400 would put major trend in jeopardy else as the index consistently trades beyond 13600-13700, 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
1.3480
1.3420
1.3290
1.3240
USDJPY
Up
91.60
90.20
88.80
88.40
GBPUSD
Sideways
1.6250
1.6150
1.6000
1.5900
USDCHF
Sideways
0.9320
0.9280
0.9180
0.9100
EURJPY
Up
122.00
121.00
119.00
117.60
AUDUSD
Sideways
1.0650
1.0600
1.0520
1.0470
For trading calls, contact us at
+91-40-40268383
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.