Chart USD Index DXY Update: Lower in choppy trade
The anticipated retest above 104.00 has met expected selling interest around 104.25
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 104.80 | ** | 30 Jul (m) high | S1 | 103.40 | break level | ||
| R3 | 104.70 | ** | 76.4% ret of Jun-Sep fall | S2 | 103.00 | ** | congestion | |
| R2 | 104.25 | intraday break level | S3 | 102.50 | ** | congestion | ||
| R1 | 104.00 | * | congestion | S4 | 102.50 | ** | congestion |
Asterisk denotes strength of level
13:45 GMT - The anticipated retest above 104.00 has met expected selling interest around 104.25, as intraday studies come under fresh pressure, with prices once again trading below 104.00. The daily Tension Indicator is negative, highlighting potential for a test of support at the 103.40 break level. But flat oversold daily stochastics could limit any initial tests in consolidation, before deteriorating weekly charts prompt a break and extend losses towards congestion around 103.00. Meanwhile, a close above 104.25 is needed to turn sentiment neutral and prompt consolidation beneath strong resistance at the 104.70 Fibonacci retracement and the 104.80 monthly high of 30 July.