A steep fall was witnessed in the Dollar Index (DX) after testing 83.50 to trade at 82.80, with 82.45 acting as interim support; the index may fall to 82.25 before showing some respite. With most of asset classes trading stable, the Greenback depreciated across the board with the common currency gaining more than 80 pips. The Cable gained more than 100 pips, and the Aussie appreciated by more than 120 pips.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) seems to be overstretched, although the major trend is still intact until the DJIA manages to trade above 14860 ranges. The historic DX Vs DJIA correlation suggests the long-term trend is still Dollar bearish, but only while the Dollar Index doesn't close above 88.40 with 84.50 ranges acting as intermediate resistance. 
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: June 04, 2013
Published 06/04/2013, 05:43 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report: June 04, 2013
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