24 Dec 2015
Dollar Index: uptrend looks poised to resume with 101.30 and 101.80/102.10 in sight - SocGen
FXStreet (Delhi) – Research Team at Societe Generale, suggests that the Dollar Index broke above a multi-decadal resistance line last year (93.25/92.50) and sparked decisive bullish signals, which suggest the uptrend should continue towards 103.30/104.10.
Key Quotes
“Earlier this week, the index staged a pullback after nearing the March highs of 100.40, and hit 97.40/10, the 50% retracement from the October lows. With weekly RSI close to a support line, recent lows and, more importantly, a multi-month triangle, the limit at 96.40 will be an important level. The uptrend looks poised to resume, and we expect new marginal highs towards 101.30 and 101.80/102.10 to be reached soon.”
Key Quotes
“Earlier this week, the index staged a pullback after nearing the March highs of 100.40, and hit 97.40/10, the 50% retracement from the October lows. With weekly RSI close to a support line, recent lows and, more importantly, a multi-month triangle, the limit at 96.40 will be an important level. The uptrend looks poised to resume, and we expect new marginal highs towards 101.30 and 101.80/102.10 to be reached soon.”