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27 Feb 2015
USD Index poised to move lower towards 93.65/40 – SG
FXStreet (Barcelona) - According to Societe Generale, the USD index looks poised to drift towards 93.65/40, a break below which will mean a deeper retracement towards 92.70, with technicals supporting the bearish view.
Key Quotes
“After retracing from the multi-year descending trend line resistance of 95.80, the Dollar Index is gyrating within a range; the pattern appears similar to a triangle.”
“The monthly indicator is close to a pivotal ceiling suggesting 95.80 as a key level, and only a break above will initiate the next leg of the uptrend.”
“The index looks poised to drift lower towards the lower limit of the consolidation at 93.65/40, a break below which will lead to a retracement towards 92.70, the 34-day MA, and probably even towards 91.60, the 23.6% retracement from last year’s low.”
Key Quotes
“After retracing from the multi-year descending trend line resistance of 95.80, the Dollar Index is gyrating within a range; the pattern appears similar to a triangle.”
“The monthly indicator is close to a pivotal ceiling suggesting 95.80 as a key level, and only a break above will initiate the next leg of the uptrend.”
“The index looks poised to drift lower towards the lower limit of the consolidation at 93.65/40, a break below which will lead to a retracement towards 92.70, the 34-day MA, and probably even towards 91.60, the 23.6% retracement from last year’s low.”