FX Daily Report : December 04, 2013
GFM Research | Dec 04, 2013 01:45AM ET
Unable to hold to Monday gains, the Dollar Index again tests critical support of 80.50 ranges. DX is trading sideways with the short term trend still range bound between 81.60 and 80.50; further trend would be established on either side breakout on daily basis. Most of the FX majors are trading strong against the Greenback, wherein the Euro retested 1.3620 ranges with 1.3650 ranges acting as formidable resistance; the Japanese Yen corrects after record sessions of depreciation and the Cable ended marginally strong to close at 1.6385 ranges.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) corrects after making new high of 16170 ranges to currently trade sub 16000 ranges below short term support of 15920 to currently trade at 15900 ranges. DJIA and may appreciate to 16700 ranges till 15600 ranges are held though there is decrease in momentum. Historic correlation between DX Vs DJIA suggests Dollar weakness till DX is not closing above 84.50 ranges on weekly basis though the historic correlation between DX Vs DJIA is getting less significant.
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