Chart USD Index DXY Update: Consolidating gains - studies rising
Anticipated gains have reached 100.35
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 101.65 | ** | 28 Jul (m) high | S1 | 100.00 | ** | congestion | |
| R3 | 101.00/05 | ** | congestion; 76.4% ret | S2 | 99.50 | * | congestion | |
| R2 | 100.60 | ** | 61.8% ret of Jun-Aug fall | S3 | 99.00 | ** | congestion | |
| R1 | 100.35 | 16 Sep high | S4 | 98.60 | ** | 76.4% ret of Apr-Jun rally |
Asterisk denotes strength of level
08:55 BST - Anticipated gains have reached 100.35, where unwinding overbought intraday studies and flattening overbought daily stochastics are prompting short-term reactions. A minor pullback is possible towards congestion support at 100.00. But the positive daily Tension Indicator and improving weekly charts should limit any tests in renewed consolidation. A close beneath here, if seen, will help to stabilise price action and prompt fresh consolidation above further congestion around 99.50.
Following cautious/corrective trade, fresh gains are looked for. A break above 100.35 will open up the 100.65 Fibonacci retracement. Any further gains, however, should meet profit-taking pressure towards strong resistance at 101.00/05.