Published: 2024-12-06T05:38:21.000Z
Chart USD Index DXY Update: Under pressure, 105.62 low at risk
Technical Analyst
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Break of the 106.00 level return focus to the downside for retest of the 105.62 low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 107.50 | * | congestion | S1 | 105.62 | * | 29 Nov low | |
| R3 | 107.35 | * | 3 Oct 2023 year high | S2 | 105.50 | * | congestion | |
| R2 | 107.00 | * | congestion | S3 | 105.05/00 | * | 38.2%, congestion | |
| R1 | 106.50 | ** | Apr high | S4 | 104.64 | ** | Oct high |
Asterisk denotes strength of level
05:35 GMT - Break of the 106.00 level return focus to the downside for retest of the 105.62 low. Daily and weekly studies are tracking lower and break highlights risk for break here to confirm a top in place at the 108.07 high and see room for deeper pullback to retrace the September/November rally. Lower will open up support at the 105.05/105.00, 38.2% Fibonacci retracement and congestion. Meanwhile, resistance at the 106.50/107.00 area now expected to cap. Only regaining this area will fade the downside pressure and return focus to the upside for retest of the 107.50 congestion and 108.07 high.