Chart USD Index DXY Update: Higher in range - studies improving
Cautious trade is giving way to a move higher, with prices currently pressuring congestion resistance at 104.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 105.85 | ** | 38.2% ret of Jan-Mar fall | S1 | 103.20 | ** | 18 Mar YTD low | |
| R3 | 105.00 | break level | S2 | 103.00 | * | congestion | ||
| R2 | 104.39 | 6 Mar high | S3 | 102.55 | ** | 76.4% ret of Sep-Jan rally | ||
| R1 | 104.00 | * | congestion | S4 | 102.00 | ** | congestion |
Asterisk denotes strength of level
13:50 GMT - Cautious trade is giving way to a move higher, with prices currently pressuring congestion resistance at 104.00. Intraday studies are rising and daily readings are also improving, highlighting a more constructive tone and room for continuation towards the 104.39 high of 6 March. A further close above here will turn sentiment positive and extend corrective gains towards the 105.00 break level. However, by-then overbought intraday studies could prompt renewed selling interest/consolidation. Meanwhile, support is at the 103.20 current year low of 18 March. A close beneath here, not yet seen, will add weight to sentiment and extend January losses below 103.00 towards the 102.55 Fibonacci retracement.