US Dollar Index: recovery in the direction of 98,50/98,85 makes sense — SocGen

FXStreet — According to the market analysts of the French Bank Societe Generale is the US Dollar Index, the Greenback versus six major currencies, compares, before a larger correction movement. The reason for this is the support zone from the upper boundary of the channel at 96,80, which is simultaneously reinforced by the 61.8% Fibonacci Retracement is.

Important Quotes:

The Pullback is similar to the previous year. At the time, had developed the course within a downward triangle, as well as within a downward channel. The latter provided for a recovery. Even the quantitative indicators on a monthly and daily basis, signaling an imminent recovery, which is why the area is not likely to be around 96,80/45 so easy. A recovery movement in the direction of the smoothing of the lines on a daily basis at 98,50/98,85 seems plausible against this Background.

** FXStreet News Editorial, FXStreet**

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