The daily chart structure remains bullish as the Index is approaching the resistance zone of 97.57, the level which is the key one for the current trend development. If USDX achieves that high, it would be expected to test the resistance level of 98.29. Also,
bear in mind that the 200 SMA is still pointing to the upside.
The USDX is currently breaking the
resistance (now support) level of 97.21, looking for the next target
around 97.53. There, we should expect another breakout
after a higher high pattern formation in the H1 chart. in case of success, it could reach the next resistance around the 97.72
level. The MACD is at positive territory.
resistance levels: 97.57 / 98.29
support levels: 96.57 / 95.74
H1 chart’s resistance
levels: 97.53 / 97.72
H1 chart’s support levels: 97.21
Trading recommendations for today:
Based on the H1 chart, place
orders only if the US Dollar Index breaks out with
level is at 97.53,
take profit is at
and stop loss is at 97.34.
The material has been provided by InstaForex Company – www.instaforex.com