The daily chart structure is showing a double bottom pattern, which
could help bulls get some kind of momentum in the coming
days in order to reach new highs. However, we could expect more
pullbacks when the USDX tests the resistance level of 95.74. The MACD
indicator is entering the positive territory.
On the H1 chart, there is a good opportunity to enter with long trades, but be cautious with the current strength of the resistance level of 95.48. Anyway, if it does a breakout there, the level of 95.80 will be the next target.
resistance levels: 95.74 / 96.57
support levels: 94.66 / 93.75
H1 chart's resistance
levels: 95.48 / 95.80
H1 chart's support levels: 95.24
Trading recommendations for today:
Based on the H1 chart, place
orders only if the US Dollar Index
level is at 95.48,
take profit is at
and stop loss is at 95.10.
The material has been provided by InstaForex Company – www.instaforex.com