USD Index: Downtrend to persist on a break below 100.80 – SocGen
|The US Dollar Index is drifting towards the February trough near 100.80. Failure to hold above here would trigger another leg lower, economists at Société Générale report.
Reclaiming 104 crucial to affirm bounce
“It would be interesting to see if the index can carve out a higher low and gradually establish itself above 104, the 50% retracement of recent pullback. Failure would mean continuation in decline.”
“In case the index breaks below 100.80, the downtrend is likely to persist. Next potential supports could be at 100.00 and projections of 98.90.”
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