Chart USD Index DXY Update: Balanced above strong support - studies under pressure
Little change, as mixed/positive intraday studies keep near-term sentiment cautious
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 100.35 | ** | 15 Jul (w) low | S1 | 98.60 | ** | 76.4% ret of Apr-Jun rally | |
| R3 | 100.00 | ** | congestion | S2 | 98.00 | ** | congestion | |
| R2 | 99.50 | ** | congestion | S3 | 97.63 | ** | Apr-May lows | |
| R1 | 99.00 | ** | congestion | S4 | 97.00 | ** | congestion |
Asterisk denotes strength of level
09:00 BST - Little change, as mixed/positive intraday studies keep near-term sentiment cautious and prompt anticipated consolidation above strong support at the 98.60 Fibonacci retracement. Daily readings continue to fall, however, and broader weekly charts are bearish, highlighting room for further losses in the coming sessions. A close beneath here will add weight to sentiment and extend late-June losses towards congestion around 98.00. Already oversold daily and weekly stochastics could limit any initial tests in short-covering/consolidation.
Meanwhile, resistance remains at congestion around 99.00. A close above here, if seen, will help to stabilise price action and prompt fresh consolidation beneath further congestion around 99.50.