We have already called for a possible recover from lows regarding this Index, but the USDX is already making a lower low pattern formation. This lower swing could cause a correction in the coming hours until the resistance zone of 95.00 at least. If the USDX makes a breakout at this level, it would be expected to rise to the level of 96.30.
The short-term outlook is still
bearish, as the USDX found strong dynamic resistance at the level of 94.70. Now, the Index is already supported in the current bearish
bias by the 200 SMA on the H1 chart. In case of success, the bearish road
could be extended until the support zone of 93.85. It should be noted
that the bullish momentum is still possible.
resistance levels: 95.00 / 96.30
support levels: 93.95 / 92.64
H1 chart’s resistance
levels: 94.70 / 95.34
H1 chart’s support levels: 93.85
Trading recommendations for today:
Based on the H1 chart, place
orders only if the USD Index
level is at 93.85,
take profit is at
and stop loss is at 94.65.
The material has been provided by InstaForex Company – www.instaforex.com