Dollar Index Rally From 6-Month Low May End: Technical Analysis
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The Dollar Index’s rally from its lowest level in more than six months may be near an end, Royal Bank of Scotland Group Plc said, citing trading patterns.
The Dollar Index, which IntercontinentalExchange Inc. uses to track the greenback against the currencies of six U.S. trading partners, declined from this year’s peak at 84.10 on July 24 to 78.60 on Sept. 14, the weakest since Feb. 29, according to data compiled by Bloomberg. The index recovered to as high as 79.77 on Sept. 24, but failed to advance beyond 79.90, the 23.6 percent Fibonacci retracement level of its July-to-September drop, the data show.