The USDX remains very strong in the bullish trend on the daily chart. It is also doing a consolidation above the support level of 95.74 with a target around the level of 96.97. If the index does a breakout in that zone, we could expect a rally towards the level of 98.08. The daily chart is already calling for more
upside room for this week.
The last Friday was important for the
current intraday structure of the USDX, because the index is already
forming a higher high pattern above the support level of 96.21. Also,
if the USDX does a consolidation above the 96.46 level, it would be
expected to do a rally until the 96.90, which is an important high. The MACD indicator is in the overbought zone.
resistance levels: 96.97 / 98.08
support levels: 95.74 / 95.00
H1 chart’s resistance
levels: 96.46 / 96.90
H1 chart’s support levels: 96.21
Trading recommendations for today:
Based on the H1 chart, place
orders only if the USD Index
level is at 96.46,
take profit is at
and stop loss is at 96.04.
The material has been provided by InstaForex Company – www.instaforex.com