Market Commentary
The US Dollar traded mixed wherein it has depreciated against the Euro and the Aussie but continued to appreciate against the Sterling and the Japanese Yen. Dollar Index (DX) finds resistance near 81.00 ranges; further appreciation is expected only above 81.20 which is acting as medium term resistance.
The benchmark equity index (.DJIA) is trading consistently above the psychological resistance of 14000 with 14200 ranges being historic high acting as important 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
Up
1.3510
1.3460
1.3360
1.3300
USDJPY
Sideways-Up
94.50
94.00
93.40
92.70
GBPUSD
Sideways-Down
1.5520
1.5480
1.5420
1.5360
USDCHF
Sideways-Down
0.9260
0.9220
0.9180
0.9150
EURJPY
Sideways-Up
127.20
126.20
125.00
124.60
AUDUSD
Sideways-Up
1.0410
1.0370
1.0330
1.0300
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.