Chart USD Index DXY Update: Gains to remain limited
Anticipated losses have not been seen, as cautious trade around 107.50 gives way to a break higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 110.00/18 | ** | figure; 13 Jan YTD high | S1 | 107.50 | * | congestion | |
| R3 | 109.00 | * | congestion | S2 | 107.00 | * | break level | |
| R2 | 108.50 | minor break level | S3 | 106.55 | ** | 76.4% ret of Dec-Jan rally | ||
| R1 | 108.00 | pivot | S4 | 106.00 | ** | break level |
Asterisk denotes strength of level
13:55 GMT - Anticipated losses have not been seen, as cautious trade around 107.50 gives way to a break higher. Prices are currently pressuring resistance at 108.00, with room for continuation beyond here as intraday studies rise and oversold daily stochastics tick higher. Focus will then turn to 108.50. But the bearish daily Tension Indicator and deteriorating weekly charts are expected to limit any immediate tests in consolidation/selling interest. Meanwhile, support is raised to 107.50 and extends to 107.00. A close beneath here is needed to turn sentiment negative once again and extend January losses initially towards the 106.55 Fibonacci retracement.