Chart USD Index DXY Update: Immediate gains to remain limited
Consolidation is giving way to a push higher, as intraday studies turn higher, with prices currently testing levels just above resistance at 101.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 102.00 | ** | congestion | S1 | 100.64 | ** | 31 Mar (m) high | |
| R3 | 101.80 | * | 24 Jun YTD high | S2 | 100.00 | ** | congestion | |
| R2 | 101.50 | intraday break level | S3 | 99.50 | * | congestion | ||
| R1 | 101.00 | ** | congestion base | S4 | 99.00 | ** | congestion |
Asterisk denotes strength of level
09:05 BST - Consolidation is giving way to a push higher, as intraday studies turn higher, with prices currently testing levels just above resistance at 101.00. A break will open up further resistance at 101.50. But negative daily readings and flat overbought weekly stochastics should limit any initial tests in fresh consolidation. The weekly Tension Indicator is positive and longer-term charts are also rising, highlighting room for later gains. But a close above the 101.80 current year high of 24 June is needed to turn sentiment positive and confirm continuation of January gains. Meanwhile, support remains at the 100.64 monthly high of 31 March. A close beneath here would add weight to sentiment and open up congestion support at 100.00, where fresh consolidation is expected to appear.