Market Commentary
The US Dollar continued appreciating on the event of the most of the asset classes succumbed to selling pressure. The Dollar Index (DX) is consistently trading above the critical resistance of 81.20 ranges and is poised to test 82.30 ranges with 81.70 acting as intermediate resistance.
The benchmark equity index of the Dow Industrials (DJIA) is currently trading at 13905, and may trade sideways between 14000 and 13800; on breach of 13800 ranges, it is poised to retest historic congestion observed in the ranges of 13500-13600.
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
Down
1.3280
1.3240
1.3120
1.3020
USDJPY
Sideways
94.00
93.40
92.70
92.00
GBPUSD
Down
1.5360
1.5300
1.5060
1.4950
USDCHF
Sideways-Up
0.9420
0.9330
0.9250
0.9220
EURJPY
Sideways-Down
124.60
123.80
121.80
121.00
AUDUSD
Sideways-Down
1.0350
1.0290
1.0250
1.0220
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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.