Dollar Index Soars Amid Crude Price Decline

The Dollar Index has surged due to continued decline in crude prices and is now trading higher with scope to rise towards 102 soon.

The Euro looks vulnerable below 1.14, potentially dropping as low as 1.13, which puts the EURINR at risk of slipping towards 107.50-108.50 if it sustains below 109.

Key currency pairs such as USDJPY and EURJPY remain bullish, with targets of 164.50-165 for USDJPY and 187/188 above 186 for EURJPY. Meanwhile, USDCNY may edge down to 6.75 while remaining below 6.7850.

The Aussie is nearing the 0.6960 support level, while the Pound may find support near 1.3250 before bouncing towards 1.34. The USDINR has met its downside target of 95.85; if the fall sustains, a further drop to 95.50/25 could occur.