Market Commentary
The Dollar Index (DX) finds resistance at intermediate resistance of 80.50 ranges on the event of most of the asset classes finding stability. Though next leg of Dollar weakness is expected only on DX consistently trading below 78.80 ranges else it is poised to test 81.00 ranges. The Dollar Index is trading currently at 80.05.
The benchmark equity index of the Dow Industrials (.DJIA) trading narrow at 14006 with 14000 ranges acting as psychological resistance. The benchmark equity index (.DJIA) after closing above the historic congestion of 13400-13500 gained consistently to currently trade at 13988 ranges with 14000 mark acting as psychological barrier and 14200 ranges being historic high.
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
1.3580
1.3510
1.3420
1.3400
USDJPY
Sideways
94.70
93.70
92.70
92.00
GBPUSD
Sideways
1.5760
1.5700
1.5620
1.5570
USDCHF
Sideways
0.9240
0.9210
0.9140
0.9120
EURJPY
Sideways
128.00
127.05
124.00
123.30
AUDUSD
Sideways-Up
1.0440
1.0410
1.0290
1.0190
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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.