The Dollar Index (USDX) is trading firm at 80.00 ranges on the event of most of the asset classes, either nearing their respective resistance zones or correcting. The benchmark equity index of the Dow Industrials (.DJIA) trading tight at the psychological resistance of 14000 mark. Next leg of dollar weakness is expected only on consistent daily below 78.80 ranges else it is poised to test 81.00 ranges. The Dollar Index is trading currently at 80.25.
The benchmark equity index (.DJIA), which had closed above the historic congestion of 13400-13500, gained consistently to currently trade at 13988 ranges with the 14000 mark acting as a psychological barrier and 14200 ranges being historic high.
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 Futures Edge - February 12
Published 02/12/2013, 03:54 AM
Updated 05/14/2017, 06:45 AM
FX Futures Edge - February 12
Market Commentary
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