At daily chart, the USDX is currently inside a corrective range, where we are currently watching downside moves in favor of the overall bullish bias. There is also a higher high pattern formation in this time frame and bear in mind that a breakout around the level of 97.57 will
open doors to the resistance zone of 98.29.
The short-term picture is giving us a
possible buy trade idea, because the Index is finding dynamic support at
the 200 SMA on the H1 chart. However, the USDX is dealing with the resistance
level of 97.53. If the Index achieves a break in that zone, it would be
expected to test the zonr around 97.77 in coming days. The MACD indicator is
entering the negative territory.
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