The Dollar Index (DX) is trading near the short term resistance of 81.00 ranges to currently trade at 80.60 after finding support at 79.00 ranges; further appreciation of DX can be witnessed only on daily close above 81.20. Most of the FX majors, especially the Common Currency and the Cable are trading at their respective resistance, which may hinder the Greenback depreciation.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) resumes uptrend though the rally may actually reinitiate above 15800 ranges wherein DJIA may appreciate to 16900 ranges. 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 : November 06, 2013
Published 11/06/2013, 05:55 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report : November 06, 2013
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