USD Index could rally towards 2001 high of 121 on a move past 114.80 – SocGen

The US Dollar Index is trading at its highest level in more than ten days above 113.20. Economists at Société Générale believe that DXY could reach the 2001 high of 121 on a break past 114.80.

Break below 110.00/109.30 would clear the way for an extended pullback

“A rebound towards 113.60 and the peak near 114.80 is expected.”

“Only if the support zone at 110.00/109.30 gets violated would there be a risk of an extended pullback.”

“Beyond 114.80, next potential hurdles are located at 117 and 2001 high of 121.”