The USDX recovered from the losses produced by filling the bullish gap, and now the Index is looking for an opportunity to break the resistance level of 95.74 as we can note on the daily chart. In case success, it would be expected to test the next high at 96.57.
On the H1 chart, the USDX found dynamic
support at 200 SMA and this bullish structure remains very strong,
because the Index is forming a higher high pattern above the support
level of 95.43. The next upside target is still placed at the level of 95.63. If the USDX does a breakout over there, it would be
expected to test the territory of 95.89.
resistance levels: 95.74 / 96.57
support levels: 94.66 / 93.63
H1 chart’s resistance
levels: 95.63 / 95.89
H1 chart’s support levels: 95.43
Trading recommendations for today:
Based on the H1 chart, place
orders only if the US Dollar Index
level is at 95.63,
take profit is at
and stop loss is at 95.36.
The material has been provided by InstaForex Company – www.instaforex.com