Chart USD Index DXY Update: Quiet trade - studies turning higher
Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above congestion support at 99.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 100.35 | * | 15 Jul (w) low | S1 | 99.00 | ** | congestion | |
| R3 | 100.00 | ** | congestion | S2 | 98.60 | ** | 76.4% ret of Apr-Jun rally | |
| R2 | 99.50 | ** | congestion | S3 | 97.95/00 | ** | 61.8% ret; congestion | |
| R1 | 99.26 | 27 Aug high | S4 | 97.63 | ** | Apr-May lows |
Asterisk denotes strength of level
08:55 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above congestion support at 99.00. Daily stochastics continue to track higher and the daily Tension Indicator is also bullish, suggesting room for further gains in the coming sessions. A break above the 99.26 high of 27 August will open up congestion around 99.50. But negative weekly charts should limit any further gains in renewed selling interest/consolidation beneath strong congestion resistance at 100.00.
Meanwhile, a close back below 99.00 would help to stabilise price action. But a further close below the 98.60 Fibonacci retracement would turn sentiment negative and extend late-June losses towards strong support at 97.95/00.