Weaker the expected economic data is increasing bets towards continuing stimulus by the Fed, pushed the Dollar Index (DX) towards the historic support of 79.00 ranges. DX is hovering around the historic support of 78.80-79.00 to currently trade at 79.30. Further weakness can be expected on breach of 78.80 ranges wherein DX enters new territory.
The Euro is trading consistently above the high made during early this year to currently trade at 1.3790 with 1.3830 acting as immediate resistance whereas the Cable and the Aussie are finding stiff resistance their respective historic resistances of 1.6280 and 0.9760.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) is trading firm at 15600 ranges after finding support at 14700 ranges during past couple of weeks, only weekly close below 14500 would put major trend which started in 2009 at stake else DJIA may appreciate to 16500-16700 ranges. Historic correlation between DX Vs DJIA suggests Dollar weakness is still intact till DX does not close above 84.50 on monthly basis though the Dollar correlation 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 : October 28, 2013
Published 10/28/2013, 05:20 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report : October 28, 2013
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