Published: 2025-01-23T14:33:41.000Z
Chart USD Index DXY Update: Cautious trade - studies under pressure
Senior Technical Strategist
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Still little change, as prices extend cautious trade above support at 108.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 110.00 | ** | congestion | S1 | 108.00 | pivot | ||
| R3 | 109.50 | minor congestion | S2 | 107.80 | * | 50% ret of Dec-Jan rally | ||
| R2 | 109.00 | * | congestion | S3 | 107.50 | * | congestion | |
| R1 | 108.50 | minor break level | S4 | 107.25 | ** | 61.8% ret of Dec-Jan rally |
Asterisk denotes strength of level
14:20 GMT - Still little change, as prices extend cautious trade above support at 108.00. Intraday studies are rising, suggesting potential for a test of resistance at 108.50. But daily readings are under pressure and broader weekly charts are deteriorating, suggesting any break above here should meet renewed selling interest towards congestion around 109.00. Following cautious trade, fresh losses are looked for. A break below 108.00 will add weight to sentiment and extend January losses towards congestion around 107.50. Still lower is the 107.25 Fibonacci retracement.