- USD Index: Only a break below 109.30/00 would mean a deeper downtrend – SocGen
Market news
2 November 2022
USD Index: Only a break below 109.30/00 would mean a deeper downtrend – SocGen
US Dollar Index (DXY) adds to Tuesday’s retracement and returns to the low-111.00s. Only a dip under 109.30/00 would open up room for further losses, economists at Société Générale report.
July peak at 109.30/109.00 is crucial support
“Daily RSI is still defending the lower end of its bullish territory denoting prevalence of upward momentum.”
“July peak at 109.30/109.00 is a crucial support near term; only a break below would mean a deeper downtrend.”
“A rebound is not ruled out towards 112.80 and October high of 113.50/113.90. Reclaiming this is essential to affirm next leg of uptrend.”
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