The US Dollar is trading flat with weaker bias after the Dollar Index (DX) slipped below 80.50 ranges, which acted as support most of November; DX is currently trading at 80.20 ranges, it may slip to 79.60 ranges with 79.25 ranges acting as historic support.
Most of the FX majors are trading mixed wherein the Euro is trading near the key resistance of 1.3830 ranges, the Cable is trading flat at 1.6320 ranges after breaking above recent resistance of 1.6240 ranges, the Aussie is trading near the key support if 0.8900 ranges and the Japanese Yen is trading flat at 103.00 ranges.
The benchmark equity index of the Dow Industrials (DJIA) finds support at 15650 ranges to currently trade at 15890 ranges, daily close above 16060 ranges would reinitiate rally. Historic correlation between DX Vs DJIA suggests Dollar weakness till DX is not closing above 84.50 ranges on weekly basis though the historic correlation between DX Vs DJIA 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 : December 17, 2013
Published 12/17/2013, 02:16 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report : December 17, 2013
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