Dollar Index rebound looks plausible towards 98.50/98.85 - SocGen

Sandeep Kanihama FXStreet Contributor

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.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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