Chart USD Index DXY Update: Consolidating - studies leaning lower
Little change, as prices extend cautious trade beneath congestion resistance at 97.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 98.50 | * | congestion | S1 | 96.35 | congestion | ||
| R3 | 98.00 | * | congestion | S2 | 96.00 | * | congestion | |
| R2 | 97.50 | ** | congestion | S3 | 95.55 | ** | 27 Jan YTD low | |
| R1 | 97.00 | * | congestion | S4 | 95.25 | ** | 76.4% ret of 2021-2022 rally |
Asterisk denotes strength of level
08:50 GMT - Little change, as prices extend cautious trade beneath congestion resistance at 97.00. Intraday studies are mixed/negative, highlighting room for a fresh test lower. However, mixed daily readings could limit any initial scope in fresh consolidation above congestion around 96.35, before bearish weekly charts prompt further losses. A break would open up 96.00, but any deeper losses should initially give way to consolidation above critical support at the 95.55 current year low of 27 January. Meanwhile, a close above 97.00, if seen, would help to stabilise price action and prompt consolidation beneath further congestion around 97.50.