Dollar still on
the downside as Doha meeting disappoints – A meeting of world major oil
producers in Doha, Qatar ended up without an agreement on freezing output which
was intended to shoot up the prices.
The meeting was
ended when Saudi Arabia asked Iran to join the agreement for the output cut. In
reply Iran refused to join the agreement for output freeze until its output
levels return to the where they were before international sanctioned forced
over its nuclear program.
The dollar
remained low against it major counterparts as market remain anxious after the
major oil producer failed to reach on consensus for oil production freeze.
Dollar Index currently
trading at 94.36, has major support at 93.60 and resistance at 95.50.
Close above
95.50 will take it to 96.36 else could its support level of 93.60
More will update soon!!
