Published: 2024-09-10T12:49:13.000Z
Chart USD Index DXY Update: Consolidating gains - studies improving
Senior Technical Strategist
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The break above 101.50 has given way to consolidation around 101.60
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 102.65 | ** | 50% ret of Jun-Aug fall | S1 | 101.50 | break level | ||
| R3 | 103.00 | ** | congestion | S2 | 101.00 | ** | congestion | |
| R2 | 102.65 | * | 38.2% ret of Jun-Aug fall | S3 | 100.62 | ** | 28 Dec 2023 (m) low | |
| R1 | 101.97/00 | ** | 3 Sep high; congestion | S4 | 100.51 | ** | 27 Aug YTD low |
Asterisk denotes strength of level
13:35 BST - The break above 101.50 has given way to consolidation around 101.60, as overbought intraday studies unwind. A test back below 101.50 cannot be ruled out, but rising daily readings and unwidning oversold weekly stochastics are expected to prompt renewed buying interest above congestion support at 101.00. In the coming sessions, expectations are for prices to continue higher, with focus to remain on resistance at 101.97/00. Already overbought daily stochastics should limit any initial tests in consolidation, but if broken, late-August gains will then extend towards the 102.65 Fibonacci retracement.