The USDX remains alive in the bullish cycle formed on the daily chart, because the index stays above the support level of 95.74 and it's looking to trade above 96.57. If that happens in the short term, it would be expected to test the next resistance located around 97.57. The MACD indicator is still at positive territory.
In the H1 chart, the USDX continues to trade
sideways and it's looking to develop clearer intraday
structure. That's why the index is calling for more upside room and
it would be expected to test the resistance level of 96.65 again.
However, a pullback shouldn't be discarded yet. It could be
extended until the 200 SMA.
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