Dollar Index rebound looks plausible towards 98.50/98.85 - SocGen
|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.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.