Published: 2024-10-18T13:08:14.000Z
Chart USD Index DXY Update: Turning away from the 103.85 Fibonacci retracement
Senior Technical Strategist
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Consolidation beneath strong resistance at the 103.85 Fibonacci retracement and congestion around 104.00 has given way to a pullback
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 104.80 | ** | 30 Jul (m) high | S1 | 103.00 | ** | congestion | |
R3 | 104.70 | ** | 76.4% ret of Jun-Sep fall | S2 | 102.50 | ** | congestion | |
R2 | 104.00 | * | congestion | S3 | 102.00 | * | congestion | |
R1 | 103.85 | ** | 61.8% ret of Jun-Sep fall | S4 | 101.50 | break level |
Asterisk denotes strength of level
13:40 BST - Consolidation beneath strong resistance at the 103.85 Fibonacci retracement and congestion around 104.00 has given way to a pullback, as intraday studies turn down, with steady profit-taking putting focus on congestion support at 103.00. Overbought daily stochastics are also ticking down and the rising daily Tension Indicator is flattening, suggesting potential for a test beneath here. However, rising weekly charts should limit scope in renewed buying interest towards further congestion around 102.50. Meanwhile, a close above 103.85/00, not yet seen, will turn sentiment positive and confirm continuation of September gains towards the 104.70 retracement.