The Dollar Index (DX) is trading consistently below the critical support of 81.00 ranges though the Common currency and the Cable are trading near their respective historic resistance zones. Since the major pairs are trading at their resistances/supports against the Greenback, less volatility may be witnessed in DX with 79.20 still remaining pending objective.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) is trading weak at 15100; the major trend is still intact till it manages to trade above 14500 on weekly closing basis. Historic correlation between DX Vs DJIA suggests Dollar weakness is still intact till DX does not close above 84.50 on monthly basis though the Dollar correlation is getting less significant.
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 : October 02, 2013
Published 10/02/2013, 05:58 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report : October 02, 2013
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