Dollar Index (DX) is trading flat at 81.00 ranges with 81.50 ranges acting as immediate resistance. DX on daily close above 81.60 would post medium term bottom, reinitiating the medium term range of 84.50 and 78.80 ranges. Most of the FX majors are trading flat with only the Japanese Yen continuing depreciation against the Greenback.
The benchmark equity index of the Dow Industrials (DJIA) is trading strong at 16520 ranges after making high of 16580 ranges with 16550-16700 ranges being the objective for the rally which reinitiated from 15700 ranges; 16100 ranges may act as formidable support. 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 : January 08, 2014
Published 01/08/2014, 05:10 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report : January 08, 2014
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