Published: 2024-11-05T14:06:37.000Z
Chart USD Index DXY Update: Consolidating - studies under pressure
Senior Technical Strategist
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Little change, as prices extend consolidation above the 103.58 low of 4 November
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 104.80 | ** | 30 Jul (m) high | S1 | 103.40 | break level | ||
| R3 | 104.70 | ** | 76.4% ret of Jun-Sep fall | S2 | 103.00 | ** | congestion | |
| R2 | 104.25 | intraday break level | S3 | 102.50 | ** | congestion | ||
| R1 | 104.00 | * | congestion | S4 | 102.50 | ** | congestion |
Asterisk denotes strength of level
13:55 GMT - Little change, as prices extend consolidation above the 103.58 low of 4 November. Intraday studies are falling and daily readings are under pressure, highlighting room for a break towards support at the 103.40 break level. Already oversold daily stochastics could limit any initial tests in consolidation, before deteriorating weekly charts prompt a break and extend losses towards congestion around 103.00. Meanwhile, a close above 104.25 is needed to turn sentiment neutral and prompt consolidation beneath strong resistance at the 104.70 Fibonacci retracement and the 104.80 monthly high of 30 July.