On the daily chart, the USDX is still finding support around 94.66, but in lower time frames, the bearish bias remains alive and we could expect a breakout in that zone in order to reach the support level of 93.75 in coming days.
Anyway, a rebound at current levels, will unleash a strong bullish
reaction above the resistance level at 95.74.
The USDX continues to deal with the
dynamic resistance offered by the 200 SMA on the H1 chart and now, the
Index will test the support level of 94.63 again in order to do a possible
lower continuation towards 94.33. Currently, the bias is
bearish and long trades are risky. So, we should wait for bearish
pattern formation in order to ride the intraday trend.
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 US Dollar 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