The USDX is currently facing very strong resistance in the daily time frame, because the zone around the level of 96.57 remains very solid acting as supply territory for the Index. That is why we want to see another pullback again until the support level of 95.74. The MACD
indicator is reaching an overbought territory.
In the H1 chart, the USDX made a very
interesting price action at the yesterday session/ The Index
pulled back from the highs around the level of 97.20 and now it is looking for the dynamic support offered by the 200 SMA. If the USDX does
a rebound over there, it would be expected to test the
resistance level of 96.38 again.
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
breaks out with
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