GFM Research Private Limited
GFM Research Private Limited
Market Commentary
The USD Dollar weakened across the board; the Cable gained followed by the Japanese Yen. DX is approaching the medium term support at the medium term support of 79.00 ranges Dollar weakness may extend on daily close below 78.70 ranges.
The Common currency finds support at important support of 1.3700 ranges; the medium term trend is still sideways with 1.3680 ranges acting as support and 1.3840 ranges acting as supply zone. The Cable is approaching the long term resistance of 1.6800 ranges; weekly close above 1.6820 ranges would result in breakout.
The benchmark equity index of Dow Jones Industrial Average (DJIA) slips again from the major resistance zone of 16500-16600 ranges to test critical support of 16190; further rally may reinitiate only on daily close above 16650 tough weakness may extend only below 16160 ranges. Historic correlation between DX Vs DJIA suggests Dollar weakness till DX is not closing above 84.50 ranges on weekly basis though the historic correlation between DX Vs DJIA is have become less significant since past couple of years.
This report contains the viewpoints of GFM Research. 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 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.
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