On the daily chart, the support level of 96.57 remains untouched, as the Index is still trading above that important zone, but be cautious with the current downside corrective moves held in this time frame.
That is why we should be aware of a possible breakout around that
support level, in order to reach a new low towards the level of 95.63.
The USDX did some bullish corrective moves
during Tuesday’s session and it’s currently being rejected by the
resistance zone of 96.73. A fall towards support level of 96.33 will
put to the USDX in the bear’s focus, because a breakout could happen
there in order to reach new lows (the level of 95.67). The MACD
indicator is still in the negative territory.
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 96.33,
take profit is at
and stop loss is at 97.00.
The material has been provided by InstaForex Company – www.instaforex.com