📊 DXY 24th January 2025 Daily Analysis Based on Main Key Levels

Introduction

In the dynamic world of forex trading, understanding market movements is essential. This blog provides a comprehensive analysis of DXY, focusing on key resistance and support levels, along with actionable trade setups based on current market conditions.

Current Market Overview

The current Daily Current Market Price (DCMP) for DXY is 107.789.

Key Levels Summary

Resistance Levels Above DCMP (107.789)

🔺 Resistance 1: 109.965

🔺 Resistance 2: 110.488

🔺 Resistance 3: 111.335

Support Levels Below DCMP (107.789)

🟢 Support 1: 108.272

🟢 Support 2: 107.749

🟢 Support 3: 106.903

Swing Levels

📊 Swing High: 110.176

📊 Swing Low: 107.594

Trade Setup

💼 Intraday Buy Trade Setup

Entry Price: ✨ 108.272

Stop Loss: ❌ 108.000

Take Profit 1: 🎯 108.600

Take Profit 2: 🎯 109.119

Reason for Entry:

The support level at 108.272 is below the DCMP, indicating a strong buying opportunity. This level aligns with significant technical support, suggesting potential upward movement.

💼 Intraday Sell Trade Setup

Entry Price: ✨ 109.119

Stop Loss: ❌ 109.400

Take Profit 1: 🎯 108.800

Take Profit 2: 🎯 109.965

Reason for Entry:

The resistance level at 109.119 is just above the DCMP, providing a viable selling opportunity. This level coincides with key technical resistance, indicating potential downward movement.

Analysis Summary

Resistance and Support Levels: Key levels indicate potential reversal zones. Resistance levels are identified at 109.965, 110.488, and 111.335, while support levels are at 108.272, 107.749, and 106.903.

Swing Levels: The Swing High is at 110.176, and the Swing Low is at 107.594.

Pivot Levels: The pivot level is at 109.119, providing additional context for potential reversals.

Fibonacci Levels: Significant retracement and extension levels align with the identified support and resistance zones.

RSI Divergence: Indicates potential overbought conditions at resistance levels and oversold conditions at support levels.

MACD Crossing: Suggests bullish momentum at support levels and bearish momentum at resistance levels, confirming trade setups.

Conclusion

This analysis equips traders with essential insights and key levels to navigate the DXY market effectively. With the current market price at 107.789, traders can leverage the outlined support and resistance levels, along with technical indicators, to make informed trading decisions. Stay tuned for further updates and analyses!