The USDX continues its impulsive journey with current bullish momentum showed on the daily chart because the Index is looking for an opportunity to break the resistance level of 97.57. However, we should expect a strong pullback at current levels because the current path tells us that resistance is so strong and could be a serious obstacle for bulls in the mid-term.
On the H1 chart, the USDX is looking to
consolidate above the resistance level of 97.72, but this could
happen after a bullish pattern formation, which is currently taking place in this time frame. On the other side, we should be aware about
a possible breakout of the support around the level of 97.53. If that
happens, the Index could test the level of 97.21.
resistance levels: 97.57 / 98.29
support levels: 96.57 / 95.74
H1 chart’s resistance
levels: 97.72 / 98.22
H1 chart’s support levels: 97.53
Trading recommendations for today:
Based on the H1 chart, place
orders only if the US Dollar Index
level is at 97.72,
take profit is at
and stop loss is at 97.21.
The material has been provided by InstaForex Company – www.instaforex.com