The donwside is still present on
the USDX as it is trading below the resistance level of 95.00 and we
could expect more lower moves to the support zone of 93.95 if the Index forms a lower low pattern in this direction. The 200
SMA on the daily chart is turning to neutral territory and we could
expect some kind of sideways consolidation on coming Monday.
The index is still finding strong
support at the level of 94.70. It Is highly probable that it could
test the resistance level of 95.34 during this rebound. Anyway, THE USDX
could rally towards the 200 SMA if it makes a breakout at the level of 95.87. On the other side, the USDX could be looking for new lows if the
Index breaks the support zone at the level of 94.05.
resistance levels: 95.00 / 96.30
support levels: 93.95 / 92.68
H1 chart’s resistance
levels: 95.34 / 95.87
H1 chart’s support levels: 94.70
Trading recommendations for today:
Based on the H1 chart, place
orders only if the USD Index
level is at 94.70,
take profit is at
and stop loss is at 95.34.
The material has been provided by InstaForex Company – www.instaforex.com