Market Commentary
The Dollar Index (DX) is still trading sideways between 81.40 and 79.20 in the medium term with intermediate resistance observed at 80.30; Dollar weakness may extend only on weekly close below 78.70.
The benchmark equity index of the Dow Jones Industrial Average (.DJI) correction again from 16576 ranges to test critical support of 16360 ranges;
consistently trading below 16360 would resume weakness. Historic correlation between DJI and DX suggests major trend of the Dollar Index is still bearish till monthly close is not above 84.60 though the correlation between DJI and DX has become less significant during recent times.
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