Dollar Index while above 107.70/50 can extend rise towards 109 or higher as well. Euro is headed towards the immediate support around 1.0250. EURINR is falling within its broad range of 91-89. USDJPY and EURJPY are anticipated to rise back towards 153/54 and 160 respectively. AUDUSD and Pound can remain ranged within 0.63-0.61 and 1.26-1.23 respectively in the near term. USDCNY on a strong break past 7.30, can test 7.35 on the upside. USDINR tested 87.95 before coming down. Range of 88.00-86.95 is likely to hold for a while.

U.S. President Donald Trump signed an executive order imposing 25% tariffs on steel and aluminium imports “without exceptions or exemptions. Dollar Index (108.420) while it sustains above immediate support around 107.70/50 region, can extend the rise to 109 or even higher. Only a break below 107 can be bearish for the index.

EURUSD (1.0295) is nearing the immediate support coming around 1.0250 region, need to see whether it holds, and pair bounces back or extends the fall further to 1.02. Watch price action closely around current levels.

EURINR (90.1535) on a break below 90, can extend the fall to 89.50-89.00. Overall, broad range of 91-89 can hold for now.

EURJPY (156.48) while sustains above the support around 156-155, can attempt to rise back towards 160 in the coming sessions.

Dollar-Yen (152.12) yesterday tested the high of 152.541 before coming down. While above 150, we retain our view of pair rising back towards 153-154 soon.

USDCNY (7.3072) needs a decisive break past 7.30 to bring 7.35 into picture. While above 7.250-2.225, view remains bullish.

Aussie (0.6266) and Pound (1.2348) are coming off within their respective ranges of 0.63-0.61 and 1.26-1.23. The ranges are likely to hold for a while, until a decisive break is seen.

USDINR (87.4650) in line with our view of seeing a rise to 88, rose sharply to the high of 87.95 before closing lower. Overall, a range of 88.00-86.95 is likely to hold in the near term with an immediate fall within its range.

The US Treasury yields have inched up. The bounce from their support is holding well. That leaves the chances high for the yields to go further up in the coming days. The US CPI data release tomorrow will need a close watch. A higher CPI number would aid the Treasury yields to go up. The German yields continue to remain lower and stable. View is bearish. The yields can fall more from here. The 10Yr GoI is inching up towards the upper end of its range. The bias is positive to get a bullish breakout of its range eventually.

The US 10Yr (4.50%) and 30Yr (4.71%) yields have inched up. The bounce from the support at 4.4% (10Yr) and 4.6% (30Yr) seems to be sustaining well. That leaves the chances high for a rise to 4.6% (10Yr) and 4.8% (30Yr).

The German 10Yr (2.36%) and the 30Yr (2.61%) yields continue to remain lower and stable. Bearish view is intact. While below 2.4%, the 10Yr can fall to 2.2%. The 30Yr can fall to 2.4% on a break below 2.6%.

The 10Yr GoI (6.7128%) has inched up further towards the upper end of the 6.6%-6.7250% range. The bias is bullish to see a breakout above 6.7250% and a rise to 6.8%-6.85%.

The Dow Jones and DAX have risen well. The Dow Jones is keeping the range of 44000-45100 intact. A break below 44000 would confirm a double top formation and could drag the index lower to 43000. DAX requires a decisive rise past 22000 to move higher towards 22200 and beyond. Nifty is holding above 23300, while it sustains 23300, a bounce to 23700-23800 could be seen, else the index could drop down to 23000-22800. Nikkei sustained below 39000 at 38800. Nikkei is closed today. Shanghai is respecting the resistance near 3320 and trading below it, but is sustaining above 3300. While above 3300, it could re-test the resistance of 3320.

The Dow (44470.41, +0.38%) is managing to sustain above 44000. The 44000-45100 range is intact for now. However, we repeat that there is a danger of a double-top formation. A break below 44000 will confirm the same and drag the Dow to 43000 and lower. Be cautious.

DAX (21911.74, +0.57%) is holding higher. A strong break above 22000 is needed to move further up to 22200 and higher. Else the DAX can fall back to 21000.

Nifty (23381.60, -0.76%) almost tested 23300 and then bounced slightly. It has to sustain above 23300 to move back up to 23700-23800. Else a fall to 23000-22800 can be seen again. We will have to wait and watch.

Nikkei (38800.95 +0.04%) is closed today on account of the foundation day. Further, Within the range of 38000-40000, it remained stable below 39000. While below 39000, the index could decline towards 38500-38000.

Shanghai (3304.5830, -0.53%) The resistance of 3320 remains intact as of now. While above 3300, bias remains towards a re-test of the resistance. If it fails to sustain above 3300, then the index could come down to 3250-3200.

Crude prices and Metals have rallied along with the Dollar after Trump announced a 25% tariff on aluminium and steel imports. Brent and WTI can test 77 and 73/74 respectively while Gold and Silver can test 3000 and 33 before pausing. Copper continues its uptrend and can head towards 4.7/4.8 soon. Natural Gas may has also risen and could be headed towards 3.5/3.6 before halting there.

Brent ($ 76.13) and WTI ($ 72.53) rallied after tighter US sanctions on the Russian crude. This could allow the Middle Eastern oil producers to raise prices. After sanction on the Iranian crude last week, the market is concerned about further tightening of crude supplies, taking the crude prices higher. While the upside momentum is intact, Brent and WTI can test 77 and 73/74 respectively where a short pause can be expected.

Gold ($ 2965.60) has risen sharply after the tariff announcement on aluminium and steel imports by Trump, breaking above our expected interim resistance zone of 2910-2930. There is upper resistance at 3000 on the 3-day charts which now looks likely to be tested before reversing in the medium term.

Silver ($ 32.56) has risen too and could head towards 33 while above 32.

Copper ($ 4.6805) continues to rally and could be headed towards 4.7/4.8 in the near term. The immediate view is bullish.

Natural Gas ($ 3.4380) rose sharply after the forecasts shifted to a colder weather especially in the Central and Eastern US for Feb 15-19th. While above 3.4, the price can rise to 3.5/3.6 in the near term before halting.

No major data release today.

DATA YESTERDAY
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No major data released yesterday.