The US Dollar appreciated across the board, wherein the GBP continued to depreciate the most after breaching critical support of 1.5310 ranges. The Dollar Index (DX) is consistently trading above the critical resistance of 81.20 ranges, and is poised to test 82.30 ranges with 81.70 acting as intermediate resistance.
On the event of the US Dollar appreciating the benchmark equity index (.DJIA) could not hang on near the psychological resistance of 14000 mark and succumbed to selling pressure to currently trade at 13900 ranges, on breach of 13800 ranges, it is poised to retest historic congestion observed in the ranges of 13500-13600.
Historic correlation between DX Vs DJIA suggests the long-term trend is still dollar bearish till the Dollar Index is not closing above 84.50 on monthly basis.
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: USD Appreciated, GBP Continues To Depreciate The Most
Published 02/21/2013, 02:18 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report: USD Appreciated, GBP Continues To Depreciate The Most
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