Published: 2024-09-09T13:06:56.000Z
Chart USD Index DXY Update: Room for higher - studies improving
Senior Technical Strategist
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Cautious trade has given way to further gains
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 103.00 | ** | congestion | S1 | 101.00 | ** | congestion | |
| R3 | 102.65 | * | 38.2% ret of Jun-Aug fall | S2 | 100.62 | ** | 28 Dec 2023 (m) low | |
| R2 | 101.97/00 | ** | 3 Sep high; congestion | S3 | 100.51 | ** | 27 Aug YTD low | |
| R1 | 101.50 | break level | S4 | 100.00 | ** | congestion |
Asterisk denotes strength of level
13:50 BST - Cautious trade has given way to further gains, as intraday studies strengthen, with prices currently trading just above 101.50. Focus is on strong resistance at 101.97/00, but overbought daily stochastics could limit any initial tests in consolidation, before the rising daily Tension Indicator and improving weekly charts prompt a break. A close above here will turn sentiment positive and confirm a near-term low in place at 100.51/62, as late-August gains then focus on the 102.65 Fibonacci retracement. Meanwhile, support remains at congestion around 101.00 and should underpin any immediate setbacks.