Chart USD Index DXY Update: Extending consolidation - studies rising
Little change, as mixed intraday studies and flat overbought daily stochastics keep near-term sentiment cautious
| 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
08:45 BST - Little change, as mixed intraday studies and flat overbought daily stochastics keep near-term sentiment cautious and extend consolidation beneath the 100.35~ recent highs. The daily Tension Indicator is positive and broader weekly charts are improving, highlighting room for a break above here and continuation of late-August gains towards the 100.60 Fibonacci retracement. However, already overbought daily stochastics should limit any continuation beyond here in profit-taking/consolidation beneath strong resistance at congestion around 101.00 and the 101.05 Fibonacci retracement.
Meanwhile, support remains at congestion around 100.00. A close beneath here, if seen, will help to stabilise sentiment and prompt consolidation above further congestion around 99.50.