The Dollar Index (DX) is finding resistance at 84.50 ranges again, to correct to 83.60 ranges. The short-term trend is range bound between 84.50 and 83.50. The U.S. dollar depreciated across the board, especially against the Cable and the Aussie after the respective currencies hit the medium term supports. Both the Common Currency and the Swiss Franc appreciated against the Greenback. The Yen is looking overstretched at 102.00 ranges.
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. Liquidity concerns coupled with an anticipated slowdown is putting pressure on most of the currencies, which results in dollar strength. 
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: May 30, 2013
Published 05/30/2013, 06:27 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report: May 30, 2013
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