The mid-term outlook for this Index is still bullish, because the USDX is focused on a breakout of the resistance level at 97.57. That is a statement we also make, because of the rebound it did during Friday’s session. However, bear in mind that the current structure, at
least in an intraday overview, could be calling for more downside.
On the H1 chart, we are can see what it is a bearish consolidation in a short-term basis, because the USDX did not close above the high from July 30 last week. That is why we expect to see more downside on this Index, at
least below the 200 SMA in this time frame. The MACD indicator remains in the positive territory.
resistance levels: 97.57 / 98.29
support levels: 96.57 / 95.63
H1 chart’s resistance
levels: 97.65 / 98.09
H1 chart’s support levels: 97.12
Trading recommendations for today:
Based on the H1 chart, place
orders only if the US Dollar Index
level is at 97.12,
take profit is at
and stop loss is at 97.50.
The material has been provided by InstaForex Company – www.instaforex.com