13 Feb 2015
USD Index consolidation ahead? – SG
FXStreet (Barcelona) - The Research Team at Societe Generale, views that USD Index might consolidate lower towards 93.40 and may be even 92.70.
Key Quotes
“After an accelerated up move, the Dollar Index is hovering close to the multi decadal trend line resistance of 95.80 which also happens to be the 50% retracement of 2001-2008 correction.”
“Monthly stochastic is hitting a graphical ceiling suggesting 95.80 as a key level.”
“Daily RSI has retraced after testing a resistance and a consolidation lower towards the lows formed earlier this month at 93.40 and probably even towards 92.70 is not ruled out.”
“Only a definite break above 95.80 will confirm next leg of uptrend.”
Key Quotes
“After an accelerated up move, the Dollar Index is hovering close to the multi decadal trend line resistance of 95.80 which also happens to be the 50% retracement of 2001-2008 correction.”
“Monthly stochastic is hitting a graphical ceiling suggesting 95.80 as a key level.”
“Daily RSI has retraced after testing a resistance and a consolidation lower towards the lows formed earlier this month at 93.40 and probably even towards 92.70 is not ruled out.”
“Only a definite break above 95.80 will confirm next leg of uptrend.”