Chart USD Index DXY Update: Cautious trade - daily studies rising
Cautious trade has given way to a test of support at 101.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 102.00 | ** | congestion | S1 | 101.00 | ** | congestion base | |
| R3 | 101.80 | ** | 24 Jun YTD high | S2 | 100.75 | congestion | ||
| R2 | 101.50 | intraday break level | S3 | 100.35 | * | 15 Jul (w) low | ||
| R1 | 101.33 | * | 13 Jul (w) high | S4 | 100.00/20 | ** | congestion; 38.2% ret |
Asterisk denotes strength of level
09:00 BST - Cautious trade has given way to a test of support at 101.00, where fresh buying interest is prompting fresh consolidation. Intraday studies are under pressure, highlighting room for a retest beneath here. But rising daily readings should limit any break in renewed buying interest/consolidation above 100.75. In the coming sessions, cautious trade is expected to give way to fresh tests higher, with focus to turn to the 101.33 weekly high of 13 July. But mixed/negative weekly charts should limit any immediate extension beyond here in consolidation within the 101.50 - 101.80 strong barrier. Meanwhile, a close below 100.75 would add weight to sentiment and open up a deeper retracement towards the 100.35 weekly low of 15 July.