Market Commentary
The Dollar Index is trading at 79.50 ranges, near the support of the sideways trading range of 79.00-81.00 formed since couple of months; next leg of weakness in the USD is expected only on the DX closing consistently below 79.00 on daily basis.
The benchmark equity index (.DJIA) is trading marginally higher at 13520 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
1.3390
1.3330
1.3250
1.3200
USDJPY
Sideways-Down
89.60
89.00
88.10
87.00
GBPUSD
Sideways
1.6160
1.6120
1.6000
1.5900
USDCHF
Sideways
0.9380
0.9340
0.9280
0.9210
EURJPY
Sideways-Down
120.00
118.40
116.00
115.20
AUDUSD
Sideways
1.0650
1.0600
1.0520
1.0480
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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.