Chart USD Index DXY Update: Pressuring the 104.00 Fibonacci retracement
The anticipated break below 105.00 has reached support at the 104.00 Fibonacci retracement
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 107.50 | * | congestion | S1 | 104.00 | ** | 61.8% ret of Sep-Jan rally | |
| R3 | 107.00 | ** | break level | S2 | 103.37 | ** | 5 Nov (m) low | |
| R2 | 106.00 | ** | congestion | S3 | 103.00 | * | congestion | |
| R1 | 105.00 | break level | S4 | 102.55 | ** | 76.4% ret of Sep-Jan rally |
Asterisk denotes strength of level
14:00 GMT - The anticipated break below 105.00 has reached support at the 104.00 Fibonacci retracement, where flat oversold intraday studies are prompting short-term reactions. Daily readings continue to track lower and broader weekly charts are bearish, highlighting room for a break and extension of January losses towards the 103.37 monthly low of 5 November. Beneath here is the 102.55 retracement, but oversold daily stochastics should limit any tests of here in short-covering/consolidation. Meanwhile, resistance is lowered to 105.00. A close above here, if seen, would turn sentiment neutral and prompt consolidation beneath congestion around 106.00.