US Dollar Index could rebound towards the 114.80 high – SocGen
|The Dollar Index (DXY) has pulled back after forming interim high near 114.80 last month. Nevertheless, technicals suggest prevalence of upward momentum, with a bounce towards the 114.80 peak again on the cards, economists at Société Générale report.
Only a break under 110.00/109.30 would suggest a risk of deeper pullback
“Daily RSI is still within bullish territory denoting prevalence of upward momentum.”
“A rebound towards 113.60 and the peak near 114.80 is not ruled out.”
“Only if the support zone at 110.00/109.30 gets violated would there be a risk of a deeper pullback. In such a scenario, next objective could be at September low of 107.60.”
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.