Chart USD Index DXY Update: Range trade - daily studies under pressure
The test below congestion support at 99.00 has bounced from 98.90~
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 100.64 | ** | 31 Mar YTD high | S1 | 99.00 | * | congestion | |
| R3 | 100.29 | * | 6 Apr (m) high | S2 | 98.50 | * | congestion | |
| R2 | 100.00 | ** | congestion | S3 | 98.00 | * | congestion | |
| R1 | 99.50 | * | congestion, gap high | S4 | 97.63 | ** | 17 Apr (m) low |
Asterisk denotes strength of level
08:35 BST - The test below congestion support at 99.00 has bounced from 98.90~, as intraday studies turn higher, with prices currently trading around 99.10. However, overbought daily stochastics are turning down and the flat daily Tension Indicator is coming under pressure, highlighting room for a later break back beneath here. Focus will then turn to further congestion around 98.50. But mixed/positive weekly charts should limit any initial tests in fresh buying interest/consolidation. Meanwhile, resistance remains at 99.50. A close above here would improve sentiment and extend mid-April gains towards 100.00, where overbought daily stochastics could prompt fresh consolidation.