Chart USD Index DXY Update: Extending corrective gains
Still little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above congestion support at 104.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 106.00 | ** | break level | S1 | 104.00 | * | congestion | |
| R3 | 105.85 | ** | 38.2% ret of Jan-Mar fall | S2 | 103.20 | ** | 18 Mar YTD low | |
| R2 | 105.00 | break level | S3 | 103.00 | * | congestion | ||
| R1 | 104.39 | 6 Mar high | S4 | 102.55 | ** | 76.4% ret of Sep-Jan rally |
Asterisk denotes strength of level
13:30 GMT - Still little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation above congestion support at 104.00. Daily stochastics and the daily Tension Indicator continue to rise, highlighting room for a test of resistance at the 104.39 high of 6 March. A further close above here will turn sentiment positive and open up the 105.00 break level. But mixed/negative weekly charts are expected to prompt renewed selling interest/consolidation towards here. Meanwhile, a break back below 104.00 will turn sentiment neutral and give way to consolidation above the 103.20 current year low of 18 March. A close beneath here, not yet seen, will add weight to sentiment and extend January losses below 103.00 towards the 102.55 Fibonacci retracement.