Chart USD Index DXY Update: Under pressure
Anticipated losses are meeting support just above congestion support at 98.50
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 100.26 | ** | 1 Aug (m) high | S1 | 98.50 | congestion | ||
| R3 | 100.00 | ** | congestion | S2 | 98.00 | * | congestion | |
| R2 | 99.56 | ** | 9 Oct (w) high | S3 | 97.50 | * | congestion | |
| R1 | 99.00 | * | congestion | S4 | 97.00 | * | congestion |
Asterisk denotes strength of level
09:10 GMT - Anticipated losses are meeting support just above congestion support at 98.50, as oversold intraday studies flatten, with prices currently balanced around 98.70. Daily readings continue to track lower and overbought weekly stochastics are turning down, highlighting room for further losses in the coming sessions. A break below 98.50 will add weight to sentiment and open up congestion support at 98.00. But by-then oversold daily stochastics should limit any initial tests in consolidation. Meanwhile, a close above congestion resistance at 99.00 will help to improve sentiment. But a further close above stronger resistance at the 99.56 weekly high of 9 October is needed to turn sentiment positive and extend mid-September gains towards 100.00/26.