Chart USD Index DXY Update: Cautious trade - studies rising
Little change, as mixed intraday studies keep near-term sentiment cautious
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 100.65 | ** | 76.4% ret of May-Jul fall | S1 | 98.50 | congestion | ||
| R3 | 100.26 | ** | 1 Aug (m) high | S2 | 98.00 | * | congestion | |
| R2 | 100.00 | ** | congestion | S3 | 97.50 | * | congestion | |
| R1 | 99.00 | * | congestion | S4 | 97.00 | * | congestion |
Asterisk denotes strength of level
08:55 BST - Little change, as mixed intraday studies keep near-term sentiment cautious and extend consolidation around congestion resistance at 99.00. Daily readings continue to rise and broader weekly charts are also positive, highlighting room for a break above here and extension of mid-September gains towards strong resistance at congestion around 100.00 and the 100.26 monthly high of 1 August. However, already overbought daily stochastics are expected to limit any initial tests of this range in renewed selling interest/consolidation. Meanwhile, support remains at congestion around 98.50. A close beneath here, if seen, will turn sentiment neutral and prompt consolidation above further congestion around 98.00.