Chart USD Index DXY Update: Leaning lower in range
Little change, as prices extend consolidation within the 98.00-98.50 range
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 100.65 | ** | 76.4% ret of May-Jul fall | S1 | 98.00 | * | congestion | |
| R3 | 100.00 | ** | congestion | S2 | 97.50 | * | congestion | |
| R2 | 99.00 | * | break level | S3 | 97.00 | * | congestion | |
| R1 | 98.50 | congestion | S4 | 96.38 | ** | 1 Jul YTD low |
Asterisk denotes strength of level
08:50 BST - Little change, as prices extend consolidation within the 98.00-98.50 range. Intraday studies are leaning lower and rising daily stochastics are turning down, highlighting room for a test of congestion support at 98.00. But the flat daily Tension Indicator and rising weekly charts are expected to limit any break in renewed buying interest/consolidation above further congestion around 97.50. A close beneath here would add weight to sentiment and complete a multi-week distribution pattern, as focus then turns to 97.00. Meanwhile, resistance remains at congestion around 98.50. But a close above 99.00 is needed to improve sentiment and open up a test of congestion resistance at 100.00.