Daily FX Perspective: 28th October, 2011

Published 10/28/2011, 10:59 AM
Updated 05/14/2017, 06:45 AM

The US Dollar tumbles on the event of Greece bailout by the European Union. The Dollar Index closed below 76.00 to enter historic congestion zone of 74.50-73.40 ranges. Consistent close below 73.00 would reinitiated long-term USD bearishness.

The benchmark equity index of the Dow Jones Industrials has closed above historic resistance of 11600 ranges to trade currently above 12000; consistent close above 12000 would resume long-term bullishness in DJIA. Historic correlation between DJIA and DX is suggesting Greenback weakness though it may trade sideways for some time.

In NYMEX December Crude is approaching the short-term target of $95.00. Historic congestion is seen in the ranges of 95.00-101.20.

Please see the attached chart below.

Please see the attached pdf file for the full report.

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