Published: 2024-12-20T14:21:10.000Z
Chart USD Index DXY Update: Balanced beneath fresh year high
Senior Technical Strategist
2
Choppy trade has posted a fresh year high at 108.54
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 111.20 | ** | 76.4% ret of 2022-2023 fall | S1 | 108.00 | pivot | ||
| R3 | 110.00 | ** | congestion | S2 | 107.50 | intraday break level | ||
| R2 | 109.00 | ** | 61.8% ret of 2022-2023 fall | S3 | 107.00 | * | break level | |
| R1 | 108.54 | * | 19 Dec YTD high | S4 | 106.50 | ** | congestion |
Asterisk denotes strength of level
13:55 GMT - Choppy trade has posted a fresh year high at 108.54, before settling lower as intraday studies turn down and overbought daily stochastics flatten. Immediate focus is on 108.00, with a close beneath here adding weight to sentiment and opening up a test of support at 107.50. However, the rising daily Tension Indicator and improving weekly charts are expected to limit any further losses beneath here in renewed buying interest towards 107.00. Following cautious trade, fresh gains are looked for. But a close above 108.54 is needed to turn sentiment positive and extend July 2023 gains towards strong resistance at the 109.00 Fibonacci retracement.