The overall correction in favor of a bearish bias is still alive, because the USDX could find immediate support at the level of 92.64. The Index is likely to reach the 200 SMA on daily chart. In that zone, the USDX could perform a dynamic rebound and rally again until new highs. The MACD indicator is still in negative territory.
The short-term outlook remains bearish, but the support zone of 93.07 is still offering a good bottom for the USDX. That's why we want to see a rebound until the resistance level of 93.85 and a breakout of that zone in order to rally towards the resistance level of 94.70, which is above the 200 SMA on the H1 chart.
resistance levels: 93.95 / 95.00
support levels: 92.64 / 91.41
H1 chart's resistance
levels: 93.85 / 94.70
H1 chart's support levels: 93.07
Trading recommendations for today:
Based on the H1 chart, place
orders only if the USD Index
level is at 93.07,
take profit is at
and stop loss is at 93.80.
The material has been provided by InstaForex Company – www.instaforex.com