US Dollar Index to grind higher towards the 96.20 mark – SocGen

The US Dollar Index has extended its uptrend after breaking above peaks of March and August. Economists at Société Générale expect DXY to enjoy considerable gains towards 96.20.

Ascending channel band near 92.60 to provide support

“Daily MACD is within positive territory which denotes positive momentum is prevalent.”

“The index is near graphical levels of 94.75 consisting of September 2020 high and the low of March 2020. This could act as an interim hurdle however a large down move is not envisaged; ascending channel band near 92.60 should provide support.” 

“Beyond 94.75, next objectives would be at projections of 95.30 and 96.20.”