Chart USD Index DXY Update: Cautious trade - background studies improving
Little change, as prices extend cautious trade within the 97.50 - 98.00 range
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 99.50 | ** | 15 Jan (m) high, cong | S1 | 97.50 | ** | congestion | |
| R3 | 99.00 | ** | congestion | S2 | 97.00 | * | congestion | |
| R2 | 98.50 | * | congestion | S3 | 96.50 | * | 11 Feb (w) low | |
| R1 | 98.00 | * | congestion | S4 | 96.35 | congestion |
Asterisk denotes strength of level
08:45 GMT - Little change, as prices extend cautious trade within the 97.50 - 98.00 range. Daily stochastics are flat in overbought areas, suggesting potential for further consolidation. But the daily Tension Indicator is rising and broader weekly charts are improving, pointing to room later gains. A close above 98.00 will improve price action and open up a test of further congestion around 98.50. However, deteriorating longer-term readings should limit any tests in renewed selling interest/consolidation. Meanwhile, a close below congestion support at 97.50 would add weight to sentiment and open up a test of further congestion around 97.00.