Published: 2024-11-29T14:01:56.000Z
Chart USD Index DXY Update: Prices remain under pressure
Senior Technical Strategist
3
Cautious trade has given way to the anticipated break below 106.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 108.00/07 | * | figure; 22 Nov YTD high | S1 | 105.50 | * | congestion | |
| R3 | 107.50 | intraday break level | S2 | 105.00 | ** | congestion | ||
| R2 | 106.50 | ** | congestion | S3 | 104.64 | ** | 29 Oct (m) high | |
| R1 | 106.00 | * | break level | S4 | 104.00 | ** | congestion |
Asterisk denotes strength of level
13:45 GMT - Cautious trade has given way to the anticipated break below 106.00, with prices reaching 105.60 before bouncing back to 106.00. Intraday studies are tracking higher, suggesting potential for a fresh test above here. But negative daily readings and a tick lower in overbought weekly stochastics are expected to limit scope in renewed selling interest towards congestion resistance at 106.50. Following any minor gains, fresh losses are looked for. A later break below 105.50 will add weight to sentiment and extend November losses initially to further congestion around 105.00.