US Dollar Index set to challenge the critical 93.20/10 support zone – SocGen

The US Dollar Index (DXY) has failed to reclaim the intermittent resistance near 94.50/94.75 representing the graphical levels consisting of peak of October, low of March 2020 and the weekly Ichimoku cloud. Therefore, econimists at Société Générale expect DXY to tackle the crucial 93.20/10 support area.

DXY to see another leg higher above 94.50/75

“The 94.50/94.75 hurdle must be overcome for next leg of uptrend.”

“The DXY is staging a pullback and could retest the multi month channel at 93.50 and recent trough at 93.20/93.10. This would be a crucial support.”