Chart USD Index DXY Update: Sentiment improving
Anticipated gains have reached strong resistance within the tight 98.95 - 99.00/15 range
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 99.80/00 | ** | 61.8% ret; congestion | S1 | 98.00 | * | congestion | |
| R3 | 99.15 | ** | 50% ret of May-Jul fall | S2 | 97.00 | * | congestion | |
| R2 | 99.00 | break level | S3 | 96.50 | * | congestion | ||
| R1 | 98.95 | * | 17 Jul (w) high | S4 | 96.38 | ** | 1 Jul YTD low |
Asterisk denotes strength of level
09:20 BST - Anticipated gains have reached strong resistance within the tight 98.95 - 99.00/15 range, where unwinding overbought intraday studies are prompting short-term reactions. Daily readings continue to rise and broader weekly charts are also improving, highlighting room for still further gains in the coming sessions. A close above here will improve sentiment and confirm a near-term low in place at the 96.38 current year low of 1 July. Focus will then turn to strong resistance within 99.80-100.00. Meanwhile, support is raised to congestion around 98.00. A close beneath here, if seen, will turn sentiment neutral and give way to consolidation above further congestion around 97.00.