Amidst ongoing liquidity concerns the Dollar Index (DX) is trading firm beyond 82.90 ranges; DX is expected to test interim resistance of 83.70 ranges till it manages to hang above 81.60 ranges on daily closing basis. Now that most of the FX majors have slipped below their critical supports against the Greenback, the USD is expected to appreciate further.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) is trading above critical support of 14860; daily close below 14840 results in correction. Historic correlation between DX Vs DJIA the long term trend is still Dollar bearish till the Dollar Index is not closing above 84.50 ranges with 83.70 ranges acting as intermediate resistance.
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 : July 01, 2013
Published 07/01/2013, 12:39 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report : July 01, 2013
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