The US Dollar Index (DXY) is trading at its highest level since Mary 2020 above 98.00. Economists at Société Générale expect DXY to test next resistances at 98.35/98.80.
November peak of 96.95 aligns as first support
“It is worth noting that weekly MACD has turned flattish since December which points towards receding upward momentum. However, signals of a reversal are still not visible.”
“The breakout denotes further upside towards next projections at 98.35/98.80.”
“November peak of 96.95 and the multi-month trend line at 95.90 are short-term support levels.”