Dollar Index: Short term pause is likely - SocGen

The analysis team at Societe Generale explains that the up move in the Dollar Index faded near projection at 103.30/103.80, and since then it has shown a slow correction.

Key Quotes

“In the process, it has re-integrated the previous consolidation zone and has now come up against an ascending trend line drawn since 2014 at 98.50, as well as an initial projection for the down move and the lower limit of a downward pointing triangle. With daily indicators close to a support, a short term pause is likely. However, the triangle upper bound at 100.70/100.90 should now be a key hurdle.”