Market Commentary
The Dollar Index is now trading at the historic resistance zone of 81.40-81.80 ranges after consistently appreciating from 79.40 ranges. Most of the FX majors are trading at their respective supports against the Greenback. Critical support for the EURUSD pair is observed at 1.3390; and the critical support for the Cable is seen at 1.6700 ranges.
The benchmark equity index of the Dow Industrials (.DJIA) may trade stable after steep fall from 17100 ranges with 16380 ranges acting as interim support. 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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