Back
22 May 2015
DXY might extend towards 98.40 – SG
FXStreet (Barcelona) - Technical Analysts at Societe Generale, expect DXY to extend gains towards 98.40 on a break above 95.80/96.00.
Key Quotes
“Undergoing an intermediate correction, the Dollar Index has tested the support at 93.25 which happens to be February lows and, more importantly, a multiyear upward channel limit. The level has been underpinned by the weekly RSI which is bouncing from dual graphical support.”
“A recovery has materialized this week and the index is now testing previous lows at 95.80/96.00, which coincides with the previous down sloping channel. A break above will signal an extended rebound towards highs formed late April at 98.40.”
Key Quotes
“Undergoing an intermediate correction, the Dollar Index has tested the support at 93.25 which happens to be February lows and, more importantly, a multiyear upward channel limit. The level has been underpinned by the weekly RSI which is bouncing from dual graphical support.”
“A recovery has materialized this week and the index is now testing previous lows at 95.80/96.00, which coincides with the previous down sloping channel. A break above will signal an extended rebound towards highs formed late April at 98.40.”