Published: 2024-09-25T13:09:08.000Z
Chart USD Index DXY Update: Balanced above current year low - studies under pressure
Senior Technical Strategist
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The anticipated test of support at the 100.22 current year low of 18 September is giving way to consolidation
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 102.50 | congestion | S1 | 100.22 | ** | 18 Sep YTD low | ||
R3 | 101.97/00 | ** | 3 Sep high; congestion | S2 | 100.00 | ** | congestion | |
R2 | 101.50 | break level | S3 | 99.58 | ** | July 2023 (y) low | ||
R1 | 101.00 | ** | congestion | S4 | 99.00 | ** | 61.8% ret of 2021-2022 rally |
Asterisk denotes strength of level
13:55 BST - The anticipated test of support at the 100.22 current year low of 18 September is giving way to consolidation, as oversold intraday studies unwind. Daily stochastics have ticked lower once again and the daily Tension Indicator is also coming under pressure, highlighting room for further losses in the coming sessions. A later break below 100.22 will add weight to sentiment and extend October 2023 losses below congestion support at 100.00 towards critical multi-month support at the 99.58 year low of July 2023. Meanwhile, congestion resistance should cap any immediate tests higher.