FX Daily Report : July 01, 2013
GFM Research | Jul 01, 2013 12:39AM ET
Amidst ongoing liquidity concerns the Dollar Index (DX) is trading firm beyond 82.90 ranges; DX is expected to test interim resistance of 83.70 ranges till it manages to hang above 81.60 ranges on daily closing basis. Now that most of the FX majors have slipped below their critical supports against the Greenback, the USD is expected to appreciate further.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) is trading above critical support of 14860; daily close below 14840 results in correction. Historic correlation between DX Vs DJIA the long term trend is still Dollar bearish till the Dollar Index is not closing above 84.50 ranges with 83.70 ranges acting as intermediate resistance.
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