The index is calling for the changed current bias, which is bearish, because the level of 93.95 has already provided a good bottom for the USDX. We can confirm this idea only if it does a breakout at the resistance zone of 95.00 and a
rally towards thelevel of 96.30 in the medium term. Also, the 200 SMA
is still slightly bullish.
In the H1 chart, the USDX is trying to reach
the 200 SMA, where it should find solid resistance for the short
term. Remember that the zone of 93.85 is a good bottom and the place where
the losses were contained. For now, we should remain cautious, as the
bearish risk is still there, but it could be invalidated with a breakout at
the level of 95.34.
resistance levels: 95.00 / 96.30
support levels: 93.95 / 92.64
H1 chart's resistance
levels: 95.34 / 95.94
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 95.56.
The material has been provided by InstaForex Company – www.instaforex.com