Published: 2024-10-14T13:11:29.000Z
Chart USD Index DXY Update: Extending September gains
Senior Technical Strategist
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Cautious trade is giving way to a fresh test higher
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 103.85 | ** | 61.8% ret of Jun-Sep fall | S1 | 102.50 | ** | congestion | |
R3 | 103.55 | * | 8 Aug (w) high | S2 | 102.00 | * | congestion | |
R2 | 103.15 | ** | 50% ret of Jun-Sep fall | S3 | 101.50 | break level | ||
R1 | 103.00 | ** | congestion | S4 | 101.00 | ** | congestion |
Asterisk denotes strength of level
13:55 BST - Cautious trade is giving way to a fresh test higher, with prices currently trading just above strong resistance at congestion around 103.00 and the 103.15 Fibonacci retracement. Intraday studies are positive and daily readings are ticking higher once again, highlighting room for continuation of September gains towards the 103.55 weekly high of 8 August. Beyond here is the 103.85 retracement, but already overbought daily stochastics should limit any initial tests in consolidation. Meanwhile, support is at congestion around 102.50 and should underpin any immediate setbacks. A close beneath here, however, will add weight to sentiment and prompt a deeper pullback towards 102.00.