On the daily chart, the USDX had bullish momentum during yesterday and now it’s trying to consolidate above the resistance level of 96.57. A successful move above that zone would open the doors to test the next high at 97.57 where strong resistance is located. For
now, we should be cautious when trading in the upside.
The USDX has been trading above the 200
SMA and now it’s looking for an opportunuty to break the resistance level at 96.38 in
order to reach the next target at 96.65. a deeper pullback could take place at the current
levels before any rally, but we still want to see more upside moves as the current momentum is strong enough.
resistance levels: 96.57 / 97.57
support levels: 95.74 / 94.66
H1 chart’s resistance
levels: 96.38 / 96.65
H1 chart’s support levels: 96.13
Trading recommendations for today:
Based on the H1 chart, place
orders only if the US Dollar Index
level is at 96.38,
take profit is at
and stop loss is at 96.13.
The material has been provided by InstaForex Company – www.instaforex.com