The USDX is already finding strong support at the level of 95.00 and we can see that the bearish correction on the daily time frame could have been finished because the psycological zone is very strong. Anyway, we recommend to remain cautious as the only confirmation of this outlook will come when the index breaks the resistance level of 97.29.
During the last Friday, the USDX was
rejected by the support zone of 94.70 and now it is trying to reach
the 200 SMA in the near term on the H1 chart. In the upside, the USDX
could find resistance at the levels of 95.87 and 96.23. Also, we could
start to see some pullbacks in the road, but the bullish momentum’s
risk is still alive.
resistance levels: 96.30 / 97.29
support levels: 95.00 / 93.95
H1 chart’s resistance
levels: 95.87 / 96.23
H1 chart’s support levels: 95.34
Trading recommendations for today:
Based on the H1 chart, place
orders only if the USD Index
level is at 95.34,
take profit is at
and stop loss is at 95.99.
The material has been provided by InstaForex Company – www.instaforex.com