Chart USD Index DXY Update: Consolidating - background studies improving
Little change, as prices extend cautious trade around 98.30
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 99.80 | ** | 61.8% ret of May-Jul fall | S1 | 98.00 | * | congestion | |
| R3 | 99.15 | ** | 50% ret of May-Jul fall | S2 | 97.00 | * | congestion | |
| R2 | 99.00 | break level | S3 | 96.50 | * | congestion | ||
| R1 | 98.95 | 17 Jul high | S4 | 96.38 | * | 1 Jul YTD low |
Asterisk denotes strength of level
09:00 BST - Little change, as prices extend cautious trade around 98.30. Intraday studies are under pressure and overbought daily stochastics are unwinding, highlighting room for a move down to congestion support at 98.00. But the positive daily Tension Indicator and improving weekly charts should limit any tests in renewed buying interest. Following cautious trade, fresh gains are looked for. A later close above resistance at the 99.15 Fibonacci retracement will improve sentiment and extend July gains towards the 99.80 retracement and congestion around 100.00. Meanwhile, a close below 98.00, if seen, will turn sentiment neutral and give way to consolidation above further congestion around 97.00.