The US Dollat Index is testing the support level of 95.74 now. If it does a breakout in that
zone, the USDX will fall to the level of 94.66. Anyway, we
think this corrective move is a short-term bearish bias, because the
USDX aims at the upside and the immediate resistance
is seen around the level of 96.97.
In the H1 chart, the Index is forming a
lower low pattern below the resistance level of 96.16 and now, the
risk to the downside is still there, but in a short term basis. The
USDX is trading below the 200 SMA, but this Index will try to follow possible bullish momentum which could
come soon. The MACD indicator is oversold.
resistance levels: 96.97 / 98.08
support levels: 95.74 / 94.66
H1 chart's resistance
levels: 96.16 / 96.53
H1 chart's support levels: 95.71
Trading recommendations for today:
Based on the H1 chart, place
orders only if the US Dollar Index
level is at 96.16,
take profit is at
and stop loss is at 95.78.
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