The US Dollar traded flat against the most of the FX majors

by Admin

Market Commentary

The US Dollar traded flat against the most of the FX majors. As the Dollar Index (DX) approached the intermediate resistance of 93.40 ranges, it traded flat, resulting in weaker momentum.

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 14400 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 1.2960 1.2900 1.2790 1.2710
Sideways 95.00 94.86 94.10 93.00
Sideways 1.5230 1.5210 1.5100 1.5070
Sideways-Up 0.9550 0.9520 0.9450 0.9430
Sideways-Down 123.30 122.10 120.10 118.70
Sideways-Up 1.0565 1.0510 1.0450 1.0430