The Swiss Franc and the GBP appreciated mildly

by Admin

Market Commentary

The Dollar Index (DX) is consistently above 82.20 ranges after finding support at the medium term support of 81.80 ranges though it has traded flat for most of the day. After most of the FX majors depreciated against the Greenback aftermath the German court rejecting Cyprus bail off, yesterday they traded stable wherein the Common currency, the Swiss Franc and the GBP appreciated mildly.

Dow Industrials (DJIA) is trading consistently beyond all time high of 14200-14300, historic high made during October 2007 indicating new rally is under progress but the momentum has run out of gas at 14800 ranges; only monthly close below 13700 would force us to rethink the bull trend.

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 though the short term and medium term trends are bullish.

Sideways-Down 1.3100 1.3075 1.3000 1.2960
Sideways-Up 99.70 98.90 97.90 97.60
Sideways-Down 1.5370 1.5320 1.5120 1.5080
Sideways-Up 0.9390 0.9370 0.9290 0.9260
Sideways-Up 130.70 129.70 128.00 127.20
Sideways 1.0400 1.0350 1.0270 1.0195