FX Daily Report : July 03, 2013
GFM Research | Jul 03, 2013 06:18AM ET
The Dollar Index (DX) is trading firm above the interim resistance of 83.70 to currently trade at 83.80 ranges; only daily close below 82.80 would result in correction else the USD is expected to appreciate further though 84.50 ranges may post decent resistance. Now that most of the FX majors have slipped below their critical supports against the Greenback, the short-term bias is still USD bullishness.
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 on weekly basis.
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