Chart USD Index DXY Update: Choppy in range - studies turning down
Choppy trade has given way to a spike to 99.40
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 100.64 | ** | 31 Mar YTD high | S1 | 99.00 | * | congestion | |
| R3 | 100.29 | * | 6 Apr (m) high | S2 | 98.75 | 29 May (w) low | ||
| R2 | 100.00 | ** | congestion | S3 | 98.50 | * | congestion | |
| R1 | 99.50 | * | congestion, gap high | S4 | 98.00 | * | congestion |
Asterisk denotes strength of level
09:05 BST - Choppy trade has given way to a spike to 99.40, before settling lower as overbought intraday studies unwind, into fresh consolidation around 99.10. Daily readings continue to track lower and broader weekly charts are coming under pressure, highlighting room for fresh losses in the coming sessions. A break below congestion support at 99.00 will open up the 98.75 weekly low of 29 May, with a break beneath here opening up congestion around 98.50. However, any immediate continuation should be limited in consolidation above 98.00, as daily stochastics become oversold. Meanwhile, resistance remains at 99.50 and should continue to cap any immediate tests higher.