US Dollar Index to resume the uptrend toward 98.30 once beyond 97.00 – SocGen

The US Dollar Index (DXY) has unfolded a pause in its uptrend after facing resistance near 97.00. It has so far defended 95.50, the 38.2% retracement from October. DXY is moving sideways above 96.20, reflecting a neutral tone, but expected to resume the uptrend once above the 97.00 level, economists at Société Générale report.

95.10/94.50 to be a crucial support zone near-term

“Daily RSI is near the lower end of its bullish territory which denotes this still looks like a consolidation within uptrend.” 

“Once the index establishes itself beyond 97.00, the uptrend will resume towards next objectives at 97.70 and projections of 98.30.”

“Multi-month ascending trend line at 95.10/94.50 will be a crucial support zone near-term.”