Chart USD Index DXY Update: Range trade - daily studies under pressure
Little change, as prices extend consolidation around 97.65/70
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 99.50 | ** | 15 Jan (m) high, cong | S1 | 97.50 | ** | congestion | |
| R3 | 99.00 | ** | congestion | S2 | 97.00 | * | congestion | |
| R2 | 98.50 | * | congestion | S3 | 96.50 | * | 11 Feb (w) low | |
| R1 | 98.00 | * | congestion | S4 | 96.35 | congestion |
Asterisk denotes strength of level
08:50 GMT - Little change, as prices extend consolidation around 97.65/70. Overbought daily stochastics are turning down and the rising daily Tension Indicator is flattening, suggesting room for a test lower in the coming sessions. A break below congestion support at 97.50 will add weight to sentiment and open up further congestion around 97.00. But rising weekly charts should limit any initial tests in consolidation. Meanwhile, resistance remains at congestion around 98.00 and should cap any immediate tests higher. A break above here, however, will open up a test of further congestion around 98.50, where renewed selling interest is expected to appear.