The USDX did a pullback. Now, it is consolidating back below the resistance level of 97.47 on the daily chart and that’s why the nearest targets are located in the downside, around the support level of 96.57. A breakout there will open doors to the important support
at 95.63. The MACD indicator is still at positive territory.
On the H1 chart, the USDX is forming a
lower low pattern above the 200 SMA now and we should be aware of support
zone around the level of 97.12, because a breakout could happen there.
On the other hand, we can expect a rebound there also, if the Index finds
strong dynamic support on that moving average mentioned above.
resistance levels: 97.57 / 98.29
support levels: 96.57 / 95.63
H1 chart’s resistance
levels: 97.53 / 97.77
H1 chart’s support levels: 97.12
Trading recommendations for today:
Based on the H1 chart, place
orders only if the US Dollar Index
level is at 97.53,
take profit is at
and stop loss is at 97.31.
The material has been provided by InstaForex Company – www.instaforex.com