USD Index to head higher toward 50-DMA at 103.50/104 – SocGen
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The US Dollar Index has recently carved out a higher trough at 101.90 as compared to the one in February at 100.80. Economists at Société Générale expect DXY to test the 103.50/104.00 zone.
“Downward momentum is getting arrested. The index is attempting a break above the channel that has encompassed recent down move.”
“A revisit of 50-DMA at 103.50/104.00 is expected. Overcoming this could trigger an extended rebound towards March peak of 105.90.”
“Recent low of 101.90 is an important support.”
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