Published: 2025-01-20T13:54:53.000Z
Chart USD Index DXY Update: Corrective gains to remain limited
Senior Technical Strategist
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Cautious trade around congestion support at 109.00 is giving way to the anticipated move higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 112.00 | ** | break level | S1 | 109.00 | * | congestion | |
| R3 | 111.20 | ** | 76.4% ret of 2022-2023 fall | S2 | 108.50 | minor break level | ||
| R2 | 110.00 | ** | congestion | S3 | 108.00 | pivot | ||
| R1 | 109.50 | minor congestion | S4 | 107.80 | * | 50% ret of Dec-Jan rally |
Asterisk denotes strength of level
13:40 GMT - Cautious trade around congestion support at 109.00 is giving way to the anticipated move higher, as intraday studies continue to improve. Focus is on congestion resistance around 109.50, but negative daily readings and flattening overbought weekly stochastics are expected to limit any further strength in renewed selling interest towards 110.00. Following any corrective trade, fresh losses are looked for. A later close back below 109.00 will add weight to sentiment and open up 108.50. Beneath here is 108.00.