Chart USD Index DXY Update: Choppy trade - studies under pressure
Cautious trade beneath congestion resistance at 100.00 has given way to a pullback to congestion support at 99.50
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 101.00 | ** | congestion base | S1 | 99.50 | ** | congestion | |
| R3 | 100.75 | congestion | S2 | 99.20 | ** | 61.8% ret of Apr-Jun rally | ||
| R2 | 100.35 | ** | 15 Jul (w) low | S3 | 99.00 | ** | congestion | |
| R1 | 100.00 | ** | congestion | S4 | 98.60 | ** | 76.4% ret of Apr-Jun rally |
Asterisk denotes strength of level
09:10 BST - Cautious trade beneath congestion resistance at 100.00 has given way to a pullback to congestion support at 99.50, where mixed intraday studies are prompting fresh consolidation. Daily readings are under pressure and broader weekly charts are bearish, highlighting room for further losses in the coming sessions. A close below 98.50 will add weight to sentiment and extend late-June losses towards the 99.20 Fibonacci retracement. A further close beneath here will open up the 98.60 retracement. Meanwhile, resistance remains at 100.00 and extends to the 100.35 weekly low of 15 July. This range should cap any immediate tests higher.