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Dollar Index Trades Flat

ByGFM Research
Published 09/21/2012, 06:35 AM
Updated 05/14/2017, 06:45 AM
Market Commentary

The Dollar Index is trading flat at 79.42 after finding support at 78.70 ranges; further fall is expected only on the Dollar Index consistently trading below 78.00 ranges. Though the major trend is bearish, the USD seems to be over sold in short-term. The benchmark equity index of the Dow Industrials (DJIA) is currently trading firm at 13630 ranges; only daily close below 13170 would halt rally; though 2007 highs of 14000 ranges would act as major barrier.

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. Even the medium-term trend has turned bearish after the Dollar Index breached 81.00 ranges and the index seems to be consolidating in 78.70-78.20 ranges. NYMEX Crude trading strong at $93.15 after finding support at intermittent support of $91.00 ranges. The short-term trend is weak and may test $87.15 ranges with $94.10 ranges still acting as resistance.
Market Commentary
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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