Published: 2024-11-28T14:22:08.000Z
Chart USD Index DXY Update: Limited gains - studies under pressure
Senior Technical Strategist
1
The test of support at 106.00 is giving way to a minor bounce
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 109.00 | ** | 61.8% ret of 2022-2023 fall | S1 | 106.00 | * | break level | |
| R3 | 108.00/07 | * | figure; 22 Nov YTD high | S2 | 105.50 | * | congestion | |
| R2 | 107.50 | intraday break level | S3 | 105.00 | ** | congestion | ||
| R1 | 106.50 | ** | congestion | S4 | 104.64 | ** | 29 Oct (m) high |
Asterisk denotes strength of level
14:05 GMT - The test of support at 106.00 is giving way to a minor bounce, as oversold intraday studies unwind, with prices currently trading around 106.25. A test of congestion resistance at 106.50 cannot be ruled out, but negative daily readings and a tick lower in overbought weekly stochastics are expected to prompt fresh selling interest around here. A close above 106.50, however, will turn price action neutral and give way to consolidation beneath 107.50. Following cautious trade, fresh losses are looked for. A later close below 106.00 will add weight to sentiment and extend losses towards congestion around 105.50. Beneath here is 105.00.