US Dollar Index: Downtrend could extend towards 98.90 on a break below 100 – SocGen
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The Dollar remains soft as the new week begins. Economists at Société Générale expect the US Dollar Index (DXY) to suffer significant losses on a breka under the 100.80/00 support.
“The DXY is close to support zone of 100.80/100.00 representing graphical levels consisting of February low and 2015 high. Despite defending this support, a meaningful rebound has not yet materialized.”
“The 50-DMA and a multi month descending trend line at 102.40/102.80 is a short-term hurdle. This must be overcome to affirm a larger up move.”
“In the event the index establishes itself below 100.00, the downtrend could extend towards 98.90, the 61.8% retracement of 2021/2022 rise.”
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