The US Dollar continues down trend after trading sideways for couple of trading sessions on the event of stronger asset classes especially the benchmark equity index of the Dow Industrials. Though DJIA is entering supply zone of previous year highs of 12900 ranges it may trade sideways with bullish undertone; consistent close above 13000 would reinitiate major rally. Though the medium-term trend is bearish, DXH2 may trade sideways between 80.10 and 78.20. The long-term trend is still bearish till the Dollar Index does not close above 83.50 on monthly basis. Historic congestion is seen in the ranges of 81.40-83.50.
The benchmark equity Index of the Dow Jones Industrials found support at 12550 ranges to retest last year high. DJIA may trade sideways till it does not close consistently above 13000. Historic correlation between DX Vs DJIA is signifying USD bearishness in long-term, only if 83.50 is given away on monthly closing basis; long-term bottom would be posted in the USD.
NYMEX Feb Crude after couple of subdued trading sessions, rallied smartly from $95.00 ranges to currently trade firm at $99.25 ranges. Correlation between CLH2 and DJIA has again turned positive. The major trend is intact
till it manages to close consistently above $89.00 ranges on weekly basis; the short term trend is also turning bullish targeting $101.50 ranges.
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FX Daily Report - February 08, 2012
Published 02/08/2012, 02:00 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report - February 08, 2012
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