Chart USD Index DXY Update: Choppy in range - studies under pressure
Still little change, as prices extend cautious trade following the test above congestion resistance at 100.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 103.00 | congestion | S1 | 99.58 | ** | July 2023 (y) low | ||
| R3 | 102.00 | ** | break level | S2 | 99.00 | ** | 61.8% ret of 2021-2022 rally | |
| R2 | 101.00 | * | break level | S3 | 98.00 | * | congestion | |
| R1 | 100.00 | ** | congestion | S4 | 96.00 | ** | congestion |
Asterisk denotes strength of level
14:00 BST - Still little change, as prices extend cautious trade following the test above congestion resistance at 100.00. Intraday studies are turning lower once again and both daily readings and longer-term charts are bearish, highlighting room for fresh losses in the coming sessions. A later close below support at the 99.58 year low of July 2023 will add renewed weight to sentiment, with extension below the 99.00 Fibonacci retracement confirming completion of a multi-month distribution top. Focus will then turn initially to congestion around 98.00. Meanwhile, a close above 100.00, if seen, would help to stabilise price action and give way to consolidation beneath 101.00.