The Dollar Index is trading near short-term support of 78.20; though the medium-term trend is bearish, DXH2 may trade sideways between 79.80 and 78.20. The long-term trend is still bearish till the Dollar Index does not close above 83.50 on monthly basis. Historic congestion is seen in the ranges of 81.40-83.50.
The benchmark equity Index of the Dow Jones Industrials has sold off after reaching last year highs of 12850-12900 which may act as supply zone. Historic correlation between DX Vs DJIA is signifying USD bearishness in long-term, only if 83.50 is given away on monthly closing basis; long-term bottom would be posted in the USD.
NYMEX Feb Crude is trading range bound between $101 and $98.00. Correlation between CLH2 and DJIA is again positive after witnessing inverse correlation during last week; the major trend is intact till it manages to close consistently above $89.00 ranges on weekly basis, though short-term trend is signaling mild weakness.
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FX Daily Report - February 01, 2012
Published 02/01/2012, 09:23 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report - February 01, 2012
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