Chart USD Index DXY Update: Consolidating - room for a minor test lower
Still little change, as prices extend cautious trade within strong resistance at congestion around 100.00 and the 100.26 monthly high of 1 August
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 100.65 | ** | 76.4% ret of May-Sep fall | S1 | 99.50 | * | break level | |
| R3 | 100.54 | ** | 29 May (w) high | S2 | 99.00 | * | congestion | |
| R2 | 100.26 | ** | 1 Aug (m) high | S3 | 98.50 | * | congestion | |
| R1 | 100.00 | ** | congestion | S4 | 98.00 | * | congestion |
Asterisk denotes strength of level
08:35 GMT - Still little change, as prices extend cautious trade within strong resistance at congestion around 100.00 and the 100.26 monthly high of 1 August. Intraday studies are under pressure and rising daily stochastics are flattening, highlighting room for a break back below 100.00. But the positive daily Tension Indicator should limit scope in renewed consolidation/buying interest above support at the 99.50 break level. Following cautious trade, fresh gains are looked for. A break above 100.00/26 will improve sentiment and extend mid-September gains towards the 100.65 Fibonacci retracement, where mixed weekly charts could prompt fresh selling interest/consolidation.