GFM Research Private Limited
GFM Research Private Limited
Market Commentary
The US Dollar is trading flat against most of the FX majors; the Greenback traded mixed bag wherein it has appreciated against the Common Currency and the Swiss Franc whereas the Pound traded strong during last week. Critical support for EURUSD is observed at 1.3480.
The Dollar Index (DX) is still trading sideways between 81.40 and 79.20 in the medium term with intermediate support observed at 80.30; Dollar weakness may extend only on weekly close below 78.70.
Correction was witnessed in the benchmark equity index of the Dow Jones Industrial Average (.DJI) after charting new high; the short term trend is intact till it sustains above 16700 with medium term support observed at 16500. 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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