Published: 2024-04-19T13:03:10.000Z
Chart USD Index DXY Update: Balanced at highs - daily studies leaning lower
Senior Technical Strategist
-
The anticipated test above 106.00 has given way to fresh consolidation
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 108.00 | * | congestion | S1 | 106.00 | ** | congestion | |
R3 | 107.35 | ** | 3 Oct 2023 (y) high | S2 | 105.00 | ** | break level | |
R2 | 107.15 | ** | 50% ret of Sep-Jul fall | S3 | 104.50 | break level | ||
R1 | 106.50 | * | congestion | S4 | 104.00 | * | congestion |
Asterisk denotes strength of level
13:50 BST - The anticipated test above 106.00 has given way to fresh consolidation. However, intraday studies are under pressure daily readings continue to track lower, highlighting difficulty sustaining further strength and room for fresh losses in the coming sessions. A close back below 106.00 will add weight to sentiment and prompt a swift pullback towards support at 105.00. However, mixed weekly charts are expected to limit any initial tests in consolidation. Meanwhile, resistance remains at congestion around 106.50. An unexpected close above here will turn sentiment cautiously positive and extend late-December gains towards critical resistance at 107.15/35, where more significant reactions are looked for.