GFM Research Private Limited
GFM Research Private Limited
Market Commentary
The Dollar Index (DX) again finds support at 79.40/ 79.50 ranges with medium term support is seen at 79.00 ranges; Dollar weakness may extend on weekly close below 78.70 ranges else the medium term trend is still range bound between 79.00 and 81.40.
DX heavy weights, EURUSD and GBPUSD after approaching their respective historic resistances of 1.3920 and 1.6820 respectively, depreciated about 80 pips each. Only daily close above the said ranges would result in commencement of new leg up for the Euro and the Cable.
As against the historic inverse correlation between the Dollar Index (DX) and the benchmark equity index of Dow Jones Industrial Average (DJIA direct correlation is witnessed since couple of trading sessions. DJIA slips again from the major resistance zone of 16500-16600 ranges to test critical support of 15950; further rally may reinitiate only on daily close above 16650 else weakness may extend only below 15950 ranges.
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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