In the daily chart, there is still a battle between bulls and bears because the support level of 93.95 is very strong and the index is trying to break the resistance level of 95.00 to rally towards the resistance zone of 96.30.. If that
move happens, it would be expected to reach new highs in the medium
term, as the USDX is having a bullish momentum.
There is still a dynamic resistance in the H1 chart, because the USDX is trading very close and below
the zone where the 200 SMA (95.34) is located . Currently, we want
to see some sideways consolidation before some significant move. All indicates that the bullish side has high odds to become successful in
the current outlook.
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