The USDX will try to reach the resistance level of 96.97 during this week, because bulls are stronger than before now. But be cautious with that resistance, because the Index could face strong bearish reaction and fall to the support level at 95.74.
In the H1 chart, the USDX is consolidating
above the 200 SMA with a higher high pattern formation. Now, the
resistance level of 96.77 is the nearest obstacle, and if the bullish
momentum is enough, the USDX will reach a high around the level of 97.23.
The current fractal structure is already calling for the upside. The MACD
indicator is entering at negative territory, so be cautious with
resistance levels: 96.97 / 98.08
support levels: 95.74 / 94.66
H1 chart's resistance
levels: 96.77 / 97.23
H1 chart's support levels: 96.16
Trading recommendations for today:
Based on the H1 chart, place
orders only if the USD Index
level is at 96.77,
take profit is at
and stop loss is at 96.32.
The material has been provided by InstaForex Company – www.instaforex.com