The Dollar Index may slip to 81.00 and next 80.40 ranges

by Admin

Market Commentary

The Dollar Index (DX) is approaching intermediate resistance of 82.30 slipped to 81.60 ranges; Unable to sustain above 82.00 ranges, the Dollar Index may slip to 81.00 and next 80.40 ranges.

As the Dollar Index reached intermediate resistance of 82.30 ranges, the Dow Industrials (DJIA) gained to close at one year high to currently trade at 14077; all time high of 14100-14300 made during October 2007 may act as immediate barrier. Trading consistently above 14300 results in new rally.

Historic correlation between DX Vs DJIA suggests the long-term trend is still dollar bearish till the Dollar Index is not closing above 84.50 on monthly basis.

Sideway-Up 1.3315 1.3155 1.3120 1.3080
Sideways 93.00 92.60 91.30 91.00
Sideways-Up   1.5220 1.5060  
Sideways-Down 0.9350 0.9310 0.9280 0.9230
Sideways 123.00 122.00 120.20 119.00
Sideways 1.0360 1.0310 1.0180 1.0150

Source