On the daily chart, we should note the strength showed by the resistance level of 96.57, which is still a very strong obstacle for coming advances in favor of bulls. That is why we still want to see a pullback until the support level of 95.74. However, a breakout over
96.57 will open the doors to a high of 97.57.
The USDX gave us a good intraday
buying opportunity during Thursday’s session as the Index is still
looking for the resistance level of 96.65 in order to reach new
highs. On the other side, that resistance is still strong, but the
200 SMA is stronger than that territory as we can see it
on the H1 chart.
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 seen 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