Chart USD Index DXY Update: Fresh year lows - studies under pressure
Consolidation around 104.00 has given way to a sharp break lower
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 105.00 | break level | S1 | 102.55 | ** | 76.4% ret of Sep-Jan rally | ||
| R3 | 104.68 | * | 26 Mar (w) high | S2 | 102.00 | ** | break level | |
| R2 | 104.00 | * | congestion | S3 | 101.00 | * | congestion | |
| R1 | 103.20 | ** | 18 Mar (m) low | S4 | 100.16 | ** | 27 Sep 2024 (y) low |
Asterisk denotes strength of level
09:30 BST - Consolidation around 104.00 has given way to a sharp break lower, with selling interest posting fresh 2025 year lows below the 102.55 Fibonacci retracement. Focus is on support at 102.00, but already oversold intraday studies could limit any initial tests in consolidation. Daily readings have turned down, however, and broader weekly charts are also under pressure, pointing to room for a later break beneath here and continuation of January losses towards 101.00. Meanwhile, resistance is lowered to the 103.20 monthly low of 18 March. A close above here is needed to stabilise price action and prompt consolidation beneath congestion resistance at 104.00.