Chart USD Index DXY Update: Balanced around 106.00 - daily studies edging higher
The anticipated break above resistance at 106.00 has been pushed back from 106.20
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 107.35 | * | 3 Oct 2023 (y) high | S1 | 105.50 | * | congestion | |
| R3 | 107.15 | ** | 50% ret of 2022-2023 fall | S2 | 105.00 | ** | congestion | |
| R2 | 106.50/52 | ** | cong; 16 Apr YTD high | S3 | 104.25 | intraday break level | ||
| R1 | 106.00 | * | break level | S4 | 104.00 | * | congestion |
Asterisk denotes strength of level
13:35 GMT - The anticipated break above resistance at 106.00 has been pushed back from 106.20, as intraday studies turn down, with prices currently trading around 105.85. Intraday studies are leaning lower, suggesting potential for a minor pullback. But rising daily readings are expected to prompt fresh buying interest towards congestion support at 105.50. Following cautious trade, fresh gains are looked for. A close above 106.00 would turn sentiment positive once again and extend September gains towards strong resistance at congestion around 106.50 and the 106.52 current year high of 16 April. Flat overbought weekly stochastics could limit any initial tests in consolidation. Meanwhile, a close below 105.50 would open up congestion around 105.00, with further losses turning sentiment negative and prompting a pullback towards support within 104.00/25.