Dollar Index rebound looks plausible

26 May, 2017

Dollar Index rebound looks plausible

In view of the analysts at Societe Generale, the Dollar Index correction appears to have come up against the broad upward channel limit at 96.80/45, which also corresponds to the 61.8% retracement from May 2016.

Key Quotes

“The pullback looks similar to the one seen last year, when it evolved within a downward pointing triangle and the last leg of the sell-off remained within a descending channel. With the monthly and daily indicators near support levels, 96.80/45 will most likely cushion the downside. A rebound looks plausible towards the daily MA at 98.50/98.85.”


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