USDX is currently finding strong
support around the 94.66 level. Now, the index could rally towards
the resistance zone of 95.74. This week will be very decisive for the
current trend of USDX on this time frame because it could resume the
bullish bias in the coming days with a huge rebound. MACD indicator
is on the negative territory.
The short-term outlook is still
bearish on the H1 chart because the index is trading below the 200 SMA,
but now it's finding resistance at the 95.15 level. Now, USDX could
fall until the support level of 94.63 where also it could perform a
breakout and do a new low to the 94.33 level, which is the next
bearish target in the short term.
resistance levels: 95.74 / 96.97
support levels: 94.66 / 93.75
H1 chart's resistance
levels: 95.15 / 95.71
H1 chart's support levels: 94.63
Trading recommendations for today:
Based on the H1 chart, place
orders only if the USD Index
level is at 94.63,
take profit is at
and stop loss is at 94.93.
The material has been provided by InstaForex Company – www.instaforex.com