FX September 15, 2023 / 12:52 pm UTC

Chart USD Index DXY Update: Pressuring critical resistance at 105.40/88

By Mike Macdonald


107.15**50% ret of
Sep-Jul fall



11 Sep low
105.88**8 Mar YTD high

105.40**38.2% ret of
Sep-Jul fall


Asterisk denotes strength of level

13:30 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation following the test of strong resistance at the 105.40 Fibonacci retracement. A tick higher in daily stochastics suggests potential for a test of critical resistance at the 105.88 current year high of 8 March, but the flat daily Tension Indicator is expected to limit initial tests in consolidation, before positive weekly charts prompt a break. A close above 105.88 will turn sentiment outright positive and confirm continuation of July gains. Meanwhile, support is raised to congestion around 105.00. A close beneath here, if seen, will turn price action neutral and prompt consolidation above further congestion around 104.00.

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