This week was a very bearish one
for the USD Index, as it already tested the support level of 95.00.
Anyway, as we said before in previous articles, those bearish moves are
currently a part of a larger corrective move that we were expecting,
because the overall trend is bullish and USDX is trading above the
Now, on the H1 time frame, USDX is
forming a lower low pattern below the resistance level of 95.34 and
now it's looking to break the support zone of 94.70 in order to fall to the 94.05 level in the very short term. The 200 SMA is still
bearish and we are still seeing enough bearish room which could favor intraday traders who want to ride the bearish bias.
resistance levels: 96.30 / 97.83
support levels: 95.00 / 93.95
H1 chart's resistance
levels: 95.34 / 95.87
H1 chart's support levels: 94.70
Trading recommendations for today:
Based on the H1 chart, place
orders only if the USD Index
level is at 94.70,
take-profit is at
and stop-loss is at 95.34.
The material has been provided by InstaForex Company – www.instaforex.com