Chart USD Index DXY Update: Focus on 98.00
Cautious trade above congestion support at 97.00 has given way to a move higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 99.15 | ** | 50% ret of May-Jul fall | S1 | 97.00 | * | congestion | |
| R3 | 99.00 | break level | S2 | 96.50 | * | congestion | ||
| R2 | 98.95 | * | 17 Jul (w) high | S3 | 96.38 | * | 1 Jul YTD low | |
| R1 | 98.00 | * | congestion | S4 | 96.00 | * | congestion |
Asterisk denotes strength of level
09:15 BST - Cautious trade above congestion support at 97.00 has given way to a move higher, as intraday studies continue to improve, with prices currently trading around 97.65. Focus is on congestion resistance at 98.00. But already overbought intraday studies could limit any immediate tests in consolidation, before flattening negative daily studies and positive weekly charts prompt a break. A close above 98.00 will improve sentiment and open up a test of strong resistance within the tight 98.95 - 99.00/15 range. Meanwhile, a close below 97.00, if seen, should be limited in fresh buying interest above critical support at the 96.38 current year low of 1 July.