Chart USD Index DXY Update: Back in range
The anticipated test above congestion resistance at 100.00 has not been seen
| 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
09:00 BST - The anticipated test above congestion resistance at 100.00 has not been seen, as intraday studies turn down and prompt a pullback into fresh consolidation within the 99.50 - 100.00 range. Focus is turning to congestion support at 99.50. But the positive daily Tension Indicator is expected to limit any initial tests in consolidation, before negative daily stochastics and bearish weekly charts prompt a break. A later close beneath here 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, a close above 100.00, if seen, should give way to renewed selling interest/consolidation beneath the 100.35 weekly low of 15 July.