FX Daily Report : September 18, 2013
GFM Research | Sep 18, 2013 04:52AM ET
Ahead of the Fed meeting today, the Dollar Index is trading at 81.13 near the critical support of 80.50. Most of the FX majors are trading in narrow range, further direction can be expected after the there is clarity regarding the amount of tapering on monthly Bond purchases by the Fed. Though the medium-term trend is still range bound between 80.80 and 82.50, the bias is still weak; further weakness is expected on DX consistently trading below 80.00.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) is trading strong at 15535 ranges, new leg up is expected as the index consistently trades beyond 15700 ranges; major trend which started in 2009 would be at stake only of it closes consistently below 14500 ranges else the major trend is still intact and is expected to appreciate to 16600-16800 ranges. 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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