USDX is performing some pullbacks and extending the correction below
the 96.57 level. The daily chart is still showing an alive bullish
bias, but the Index seems to be prepared to extend the corrections
towards new monthly lows, as the USDX reached extreme zones. 200 SMA
is still bullish and MACD indicator is on the negative territory.
On H1 chart, USDX found dynamic
resistance around the 200 SMA and the index is finding strong bottom
at the support level of 96.37. That’s why we should expect a breakout
of that level, towards the 96.04 zone. We should expect a bearish
trend which could last for the short and at mid term. MACD indicator
remains on the negative territory.
resistance levels: 96.57 / 97.57
support levels: 95.50 / 94.59
H1 chart’s resistance
levels: 97.37 / 97.62
H1 chart’s support levels: 96.88
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 96.72.
The material has been provided by InstaForex Company – www.instaforex.com