The USDX is still trading lower and looking to reach the support zone of 92.64 on the daily chart. The current outlook still favors bears, but there are high odds of a rebound at that support level. Eventually, the USDX could test the resistance level of 93.95 again. If the USDX breaks that territory, it would be expected to rise until the psychological level of 95.00.
On the H1 chart, the support zone around the level of 93.07 is still solid and we should see a test of the resistance level of 93.85 in the short term again, because bears have faced a strong barrier on that support. Anyway, the 200 SMA is still pointing downwards and this time frame is still favoring the downside, but nothing is for sure at the moment.
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