The US Dollar Index continues to extend the bearish correction and now it is facing the support zone of 96.57. If a breakout takes place there, it would be expected to visit the level of 95.63 in coming days. For now, we should expect rebounds in order to correct the bearish bias in a minor degree. The MACD indicator is entering the negative territory.
On the H1 chart, there is a bearish
pattern formation below the resistance level of 96.73. Currently,
we're expecting a breakout in the support zone of 96.33, which could
open the road to test the next bearish focus around the level of 95.67.
There is a strong intraday bearish structure in place and it should
be traded very cautiously.
resistance levels: 97.57 / 98.29
support levels: 96.57 / 95.63
H1 chart's resistance
levels: 96.73 / 97.12
H1 chart's support levels: 96.33
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 97.00.
The material has been provided by InstaForex Company – www.instaforex.com