Published: 2024-11-11T04:37:36.000Z
Chart USD Index DXY Update: Poised for retest of 105.45 high
Technical Analyst
2
Choppy trade see prices back to pressure the upside following bounce from the 104.20 low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 106.50 | ** | Apr YTD high | S1 | 104.20 | * | 7 Nov low | |
| R3 | 106.00/13 | * | congestion, June high | S2 | 104.00 | * | congestion | |
| R2 | 105.60 | ** | Oct 2023 trendline | S3 | 103.40 | ** | 5 Nov low | |
| R1 | 105.45 | * | 6 Nov high | S4 | 103.00 | * | congestion |
Asterisk denotes strength of level
04:30 GMT - Choppy trade see prices back to pressure the upside following bounce from the 104.20 low. Above the 105.00 level see scope for retest of the 105.45/105.60, high and trendline from the October 2023 year high. Would expect reaction here but bullish structure highlights scope for break to open the June high at 106.00/13 and the April YTD high at 106.50 to retest. Meanwhile, support is raised to the 104.20/104.00 area and this should now underpin. Break here will fade the upside pressure and leave the way open for deeper pullback to the 103.40 support.