GFM Research Private Limited
GFM Research Private Limited
Market Commentary
The Dollar Index (DX) trading at 79.90 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.
Cable is consistently trading near the five yearly resistance of 1.6820 ranges; weekly close above 1.3820 would create base for medium term rally. Though the Common Currency is trading firm above critical support of 1.3790; 1.3920 may post important resistance.
The benchmark equity index of the Dow Jones Industrial Average (.DJI) is currently trading at 16430 ranges with 16570-16600 ranges still acting as supply zone; new leg up may be witnessed in case of DJI only above 16650 with 15950 acting as critical support. Historic correlation between DJI and DX suggests major trend of the Dollar Index is still bearish till monthly close is not above 84.60 though the correlation between DJI and DX has become less significant during recent times.
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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