In the daily chart, the USDX finally broke the support level at 94.66 and now it's looking to test the next low of 93.75, which is a key zone on this time frame. However, we should be cautious with the current short trades in the mid term, because bulls could come again when the
Index tests the level of 93.14.
The short-term outlook is very
bearish, because the 200 SMA in the H1 chart turned bearish. Also, the USDX is currently forming a lower low pattern below the resistance
level at 94.33. Targets are placed around the levels of 93.88 and 93.53
now. The downside is still there and bulls have no chances to dominate the intraday trend.
resistance levels: 94.66 / 95.74
support levels: 93.75 / 93.14
H1 chart's resistance
levels: 94.33 / 94.63
H1 chart's support levels: 93.88
Trading recommendations for today:
Based on the H1 chart, place
orders only if the USD Index
level is at 93.88,
take profit is at
and stop loss is at 94.24.
The material has been provided by InstaForex Company – www.instaforex.com