The Dollar Index (DX) again finds support at the historic support of 79.00 ranges on the event of Fed indicating that it may start tapering of bond buying sooner or later. The Euro is trading consistently above the high made during early this year to currently trade at 1.3700 with 1.3830 acting as immediate resistance whereas the Cable and the Aussie are finding stiff resistance at their respective historic resistances of 1.6280 and 0.9760.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) is trading weak at 15570 after testing historic high of 15720 ranges; further rally to 16500-16700 ranges can be expected only above 15780 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 31, 2013
Published 10/31/2013, 04:24 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report : October 31, 2013
Market Commentary
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