Market Commentary
The US Dollar is trading mixed since past couple of weeks wherein it has depreciated against the Euro and traded flat against the Swiss France and the Aussie but continued appreciating against the Japanese Yen and the British Pound. The Dollar Index after finding support at 79.00 ranges is currently trade weak at 79.65; 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) after closing above the historic congestion of 13400-13500 gained consistently to currently trade at 13960 ranges with 14000 mark acting as psychological barrier.
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
1.3650
1.3570
1.3440
1.3410
USDJPY
Up
92.00
91.55
90.20
89.50
GBPUSD
Sideways-Down
1.58400
1.5800
1.5730
1.5700
USDCHF
Sideways
0.9300
0.9250
0.9180
0.9100
EURJPY
Up
124.00
123.50
121.20
120.10
AUDUSD
Sideways
1.0560
1.0510
1.0440
1.0400
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.