FX Daily Report: June 06, 2013
GFM Research | Jun 06, 2013 03:34AM ET
The Dollar Index (DX) is trading weak at 82.60 ranges, with 82.40 acting as interim support and 83.15 ranges acting as interim resistance. The Greenback is trading mixed; it has depreciated by about 100 pips and 70 pips against the Cable and Swissy respectively and traded narrow against the Common Currency. The Aussie continued to depreciate against the Greenback, and is approaching multiyear support of 0.9350 ranges.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) seems to be overstretched, although the major trend is still intact until the DJIA manages to trade above 14860 ranges. The historic DX Vs DJIA correlation suggests the long-term trend is still Dollar bearish, but only while the Dollar Index doesn't close above 88.40 with 84.50 ranges acting as intermediate resistance.
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