The Dollar Index (DX) is trading near critical support of 80.60 ranges after consistently falling from 84.50 ranges. Further USD weakness is expected only on a daily close below 80.40 ranges. Most of the major pairs are trading tight; most traders are waiting for the ECB’s comments on the health of European economy and the U.S. interest rate decision.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) seems to be overstretched, although the major trend is still intact until the DJIA manages to trade above 14860 ranges. The historic DX Vs DJIA correlation suggests the long-term trend is still Dollar bearish, but only while the Dollar Index doesn't close above 84.50 with 83.40 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 : June 18, 2013
Published 06/18/2013, 02:06 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report : June 18, 2013
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