Chart USD Index DXY Update: Consolidating losses
Still little change, as prices extend cautious trade around support at the 103.37 monthly low of 5 November
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 107.00 | ** | break level | S1 | 103.37 | ** | 5 Nov (m) low | |
| R3 | 106.00 | ** | congestion | S2 | 103.00 | * | congestion | |
| R2 | 105.00 | break level | S3 | 102.55 | ** | 76.4% ret of Sep-Jan rally | ||
| R1 | 104.00 | * | congestion | S4 | 102.00 | ** | congestion |
Asterisk denotes strength of level
13:45 GMT - Still little change, as prices extend cautious trade around support at the 103.37 monthly low of 5 November. Intraday studies are rising and oversold daily stochastics are ticking up, suggesting potential for a test higher in the coming sessions towards congestion resistance at 104.00. But the bearish daily Tension Indicator and negative weekly charts are expected to limit any initial break in consolidation beneath resistance at 105.00. Meanwhile, a close below 105.37, not yet seen, will add weight to sentiment and extend January losses towards congestion around 103.00. Still lower is the 102.55 retracement, where short-covering/consolidation could develop.