On the daily chart, The USDX continues to trade in favor of the long side, because the Index is trading above the support level of 96.57, looking now for the resistance zone around 97.57. However, be cautious with the current supply territory, which is located there, as the USDX could perform a strong pullback when at 97.57.
The Index is now forming a higher high
pattern above the support level of 96.72, looking for an opportunity to break out
above the resistance level of 96.86. In case of success, it would be
expected to test the level 97.08. The current
bullish momentum which is taking place above the 200 SMA in the H1 chart. The MACD indicator is overbought.
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 96.86,
take profit is at
and stop loss is at 96.64.
The material has been provided by InstaForex Company – www.instaforex.com