The Dollar Index (DX) finds support again at 80.80 ranges; the medium trend is still range bound between 84.50 and 81.00 with wider swings expected between 85.20 and 80.50 ranges. The Greenback traded mixed wherein the common currency, the Swiss Franc and the Aussie gained of the European session lows; the Cable traded flat and the Japanese Yen traded weak throughout the day.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) seems to be over stretched though the major trend is still intact till DJIA manages to trade above 14800 ranges. Historic correlation between DX Vs DJIA suggests long term dollar weakness is intact till it does not closes above 85.20 on weekly basis; though DX Vs DJIA correlation is getting less significant.
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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FX Daily Report : August 23, 2013
Published 08/25/2013, 01:37 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report : August 23, 2013
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