USDX is still trading above the support level of 96.57 and which could be in front of two possible scenarios. One of them is a rebound towards new highs, possibly doing a breakout around the 97.57 level. The other is a lower continuation below the support zone of 96.57 with a mid-term target towards the 95.50 level.
On H1 chart, USDX recovered some
positions to the upside. Now, it’s testing the 200 SMA price zone
around the 96.88 level. A breakout over there will push the index to
test the next resistance level of 97.37, which is above of that
moving average. However, a pullback could happen until the 96.37
level before that possible rally.
resistance levels: 96.57 / 97.57
support levels: 95.50 / 94.70
H1 chart’s resistance
levels: 96.88 / 97.37
H1 chart’s support levels: 96.37
Trading recommendations for today:
Based on the H1 chart, place
orders only if the USD Index
level is at 96.37,
take profit is at
and stop loss is at 96.28.
The material has been provided by InstaForex Company – www.instaforex.com