Market Commentary
The Dollar Index (DX) is trading strong at 80.70 ranges resulting in most of the asset classes depreciating or forcing them to in narrow ranges at their respective resistances; next leg of Dollar weakness is expected only on DX consistently trading below 78.80 ranges else it is poised to test 81.00-81.20 ranges and then 81.80 ranges; the benchmark equity index of the Dow Industrials (DJIA) trading tight at 13975 around the psychological resistance of 14000 mark.
The benchmark equity index (.DJIA) after closing above the historic congestion of 13400-13500 gained consistently to currently trade at 13975 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-Down
1.3400
1.3365
1.3290
1.3240
USDJPY
Sideways-Up
94.50
94.00
93.30
92.70
GBPUSD
Down
1.5570
1.5540
1.5430
1.5360
USDCHF
Sideways-Up
0.9330
0.9240
0.9200
0.9150
EURJPY
Sideways-Up
127.00
126.20
123.80
123.30
AUDUSD
Sideways-Down
1.0370
1.0320
1.0220
1.0170
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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.