Dollar Index rebound looks plausible towards 98.50/98.85 - SocGen

In view of the analysts at Societe Generale, the Dollar Index correction appears to have come up against the broad upward channel limit at 96.80/45, which also corresponds to the 61.8% retracement from May 2016.

Key Quotes

“The pullback looks similar to the one seen last year, when it evolved within a downward pointing triangle and the last leg of the sell-off remained within a descending channel. With the monthly and daily indicators near support levels, 96.80/45 will most likely cushion the downside. A rebound looks plausible towards the daily MA at 98.50/98.85.”