FxWirePro: DXY halts 5-day downward streak, holds support at 23.6% Fib

Refer DXY chart on Trading View

• DXY on track to halt its 5-day downward streak, edges higher after holding support at 23.6% Fib at 94.92.
   
• The index is trading 0.34% higher on the day, at 95.41 at the time of writing.
   
• Momentum studies are still bearish and break below 23.6% Fib could see further weakness.
   
• On the upside, we see stiff resistance at 95.50 (converged 5-DMA, 20-DMA, 21-EMA).
   
• Break above could see extension of upside. Scope then for test of 96.95 (trendline).
   
• On the flipside, break below 23.6% Fib will see drag till 38.2% FIb at 93.65.

Support levels - 95 (50-DMA), 94.92 (23.6% Fib), 94.46 (cloud top)

Resistance levels - 95.50 (converged 5-DMA, 20-DMA, 21-EMA), 95.65 (July 19 high), 96

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at -58.3652 (Neutral) at 0530 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.