Chart USD Index DXY Update: Room for lower
Anticipated losses have reached congestion support at 98.50
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 100.40 | ** | 21 Nov (m) high | S1 | 98.50 | * | congestion | |
| R3 | 100.00 | ** | congestion | S2 | 98.30 | ** | 50% ret of Sep-Nov rally | |
| R2 | 99.50 | * | break level | S3 | 98.00 | * | congestion | |
| R1 | 99.00 | * | congestion | S4 | 97.80 | ** | 61.8% ret of Sep-Nov rally |
Asterisk denotes strength of level
09:00 GMT - Anticipated losses have reached congestion support at 98.50, where flat oversold intraday studies are prompting short-term reactions. Daily readings continue to track lower and broader weekly charts are under pressure, highlighting room for further losses in the coming sessions. A break below 98.50 will add weight to already bearish sentiment, and extend late-November losses towards the 98.30 Fibonacci retracement. Still lower is 97.80/00, where already oversold daily stochastics could prompt short-covering/consolidation. Meanwhile, resistance is lowered to congestion around 99.00. A close above here, if seen, will help to stabilise price action and prompt consolidation beneath the 99.50 break level.