The USDX is looking for an opportunity to extend the corrective moves, because the support level of 96.57 is still the closest one. However, we should expect a rebound soon, as the bullish bias remains, but at least in the short term we shall see a possible breakout of the support zone around the level of 96.57. The MACD indicator is entering the neutral territory.
On the H1 chart, the Index is consolidating
between the range exposed by the 200 SMA and the current intraday
trend is still unclear. That’s why we should wait for a breakout
above the resistance level of 97.53, in order to resume the bullish
bias, but the other side could be a consolidation below the support
zone of 97.12.
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