Chart USD Index DXY Update: Higher levels not sustained
Anticipated gains have met selling interest beneath congestion resistance at 99.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 99.31 | * | 9 Dec (w) high | S1 | 98.00 | * | congestion | |
| R3 | 99.00 | * | congestion | S2 | 97.80 | ** | 61.8% ret of Sep-Nov rally | |
| R2 | 98.75 | * | 19 Dec (w) high | S3 | 97.50 | congestion | ||
| R1 | 98.50 | * | congestion | S4 | 97.20 | ** | 76.4% ret of Sep-Nov rally |
Asterisk denotes strength of level
09:00 GMT - Anticipated gains have met selling interest beneath congestion resistance at 99.00, with steady selling interest reaching 99.15, where oversold intraday studies are prompting short-term consolidation. Rising daily stochastics are flattening in overbought areas and the positive daily Tension Indicator is showing early signs fading, suggesting any immediate break above congestion resistance at 98.50 should meet renewed selling interest towards the 98.75 weekly high of 19 December. In the coming sessions, cautious is looked for, before bearish weekly charts prompt renewed selling interest. Support is at congestion around 98.00 and extends to the 97.80 Fibonacci retracement. A close beneath here will add weight to sentiment and extend November losses below congestion around 97.50 towards the 97.20 retracement.