Economists at Société Générale Expect USD Index to Rebound towards 108 If It Defends 103.00


The US Dollar Index (DXY) stays quiet slightly above 104.00. Holding above 103 is crucial to see a gradual bounce, economists at Société Générale report.

“DXY is drifting towards 2020 peak of 103.00. This could be a potential support. Defending it can lead to a gradual bounce however recent pivot high near 108 is expected to be a short-term resistance. Failure to cross this can result in persistence of downtrend.”  

“Failure to hold 103 would mean a much deeper down move. In such a scenario, the index could dip towards 101.90/101.30, the 50% retracement from 2021 and 100.”

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