The Dollar Index is trading at 81.25 ranges still hovering around the short term resistance of 81.00-81.20 from where it sold off during September last. The benchmark equity index (.DJIA) is trading at 12760 after slipping below the critical support of 12980 with 12450-12500 ranges acting as medium-term support and 12980 acting as short term resistance. Only daily close below 12400 would result in further sell-off.
Historic correlation between DX Vs DJIA suggests the long-term trend is still dollar bearish till the Dollar Index is not closing above 84.50 on monthly basis.
Disclaimer: This report contains the views of GFM Research Private Limited. 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 Private Limited 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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Dollar Index Hovers Around Short-Term Resistance
Published 11/21/2012, 02:50 AM
Updated 05/14/2017, 06:45 AM
Dollar Index Hovers Around Short-Term Resistance
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