FX January 12, 2023 / 01:37 pm UTC

Chart USD Index DXY Update: Extending September losses

By Mike Macdonald




Levels
Imp
Comment


Levels
Imp
Comment
R4
105.63*6 Jan (w) high

S1
102.50*congestion
R3
105.00
*congestion

S2
102.00
**38.2% ret of
2021-2022 rally
R2
104.00**congestion

S3
101.64**3 Jun (m) low
R1
103.50**congestion

S4
101.30**30 May (m) low

Asterisk denotes strength of level


13:15 GMT - Little change to the bearish tone, as prices extend consolidation around 103.00 following the break below 103.50. Intraday studies have turned negative and daily readings are under pressure, highlighting a bearish tone and room for deeper losses in the coming sessions. Support is at congestion around 102.50. A close beneath here will add fresh weight to sentiment and extend September losses towards the 102.00 Fibonacci retracement. Meanwhile, resistance at 103.50 should continue to cap immediate tests higher.

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