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17 Apr 2014
DXY forming probable double bottom - Societe Generale
FXStreet (Bali) - According to Stephanie Aymes and Kusal Kansara, FX Analysts at Societe Generale, the Dollar Index is set to gain ground in coming days/weeks towards 79.96 ahead of a more ambitious 80.58 target.
Key Quotes
The Dollar Index has bounced from the lower limit of a weekly sideways channel. The Index is forming a probable double bottom (identical to one seen last year). Thus 79.25/79 and more importantly 78.60 will continue to remain a key support."
"Short term, the index has taken support at the upper limit of a daily down sloping channel. With daily RSI bouncing from a trend line, the Dollar Index is set to inch higher towards 79.96 and probably even towards 80.58."
Key Quotes
The Dollar Index has bounced from the lower limit of a weekly sideways channel. The Index is forming a probable double bottom (identical to one seen last year). Thus 79.25/79 and more importantly 78.60 will continue to remain a key support."
"Short term, the index has taken support at the upper limit of a daily down sloping channel. With daily RSI bouncing from a trend line, the Dollar Index is set to inch higher towards 79.96 and probably even towards 80.58."