Chart USD Index DXY Update: Cautious trade
Little change, as prices extend cautious trade above congestion support at 99.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 100.00 | ** | congestion | S1 | 99.00 | ** | congestion | |
| R3 | 99.68 | 3 Mar YTD high | S2 | 98.50 | * | congestion | ||
| R2 | 99.50 | ** | 15 Jan (m) high, cong | S3 | 98.00 | * | congestion | |
| R1 | 99.25 | ** | 76.4% ret of Nov-Jan fall | S4 | 97.50 | ** | congestion |
Asterisk denotes strength of level
08:45 GMT - Little change, as prices extend cautious trade above congestion support at 99.00, following the spike above the 99.25 Fibonacci retracement. Intraday studies are under pressure and overbought daily stochastics are unwinding, suggesting room for a test below 99.00. But the rising daily Tension Indicator and positive weekly charts should limit scope in renewed buying interest above further congestion at 98.50. Following cautious/corrective trade, fresh gains are looked for. A later close above 99.25 will improve price action and extend late-January gains beyond 99.50 and the 99.68 current year high of 3 March towards congestion around 100.00.