USDX continues to make bearish moves below the resistance level of 97.57, as we can see it on the daily chart. That's why we're waiting for another push lower towards the support zone of 96.57. The overall structure is still bullish and 200 SMA is slightly pointing upward. However, be cautious with a possible breakout of that support.
On H1 chart, USDX has been trading
below the 200 SMA and the support zone of 97.12 continues to be a
very big obstacle for bears. However, a breakout could happen
there if the Index is capable of building another bearish pattern. On the other hand, USDX can make a rebound at current levels, but bear in
mind the latest support found at the session on July 31.
resistance levels: 97.57 / 98.29
support levels: 96.57 / 95.50
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 USD Index
level is at 97.65,
take profit is at
and stop loss is at 97.22.
The material has been provided by InstaForex Company – www.instaforex.com