The support zone of 93.75 remains very strong in the daily time frame. We have been expecting demand zone to be placed over there since several weeks ago. The USDX
could test the resistance zone of 95.74 in coming days. The MACD indicator is still in negative territory.
In the H1 chart, support level of 93.88
rejected the Index during the monday session and
that's why we expect more corrective moves. Anyway, the resistance
level of 94.33 is still strong and we cannot discard a possible
pullback towards the level of 93.88 where a strong demand zone is located in the short term.
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 US Dollar Index
level is at 93.88,
take profit is at
and stop loss is at 94.24.
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