The USDX has been forming a kind of higher high pattern above the support level of 95.26. The resistance zone of 95.83 is still the focus of concern on the daily chart. If the index does a breakout over there, it will reach the level of 96.64. However, the current corrective
moves could push the index lower until the 200 SMA.
On the H1 chart, there is a double pattern
formation above the support level of 95.33, but is still moving below the
200 SMA. However, we should expect a breakout at the level of 95.68, a
move which could open the doors to the level of 96.09 is expected in the short
term. Currently, a consolidation below 95.33 will expose
the USDX to test the level of 95.00.
resistance levels: 95.83 / 96.64
support levels: 95.26 / 93.86
H1 chart’s resistance
levels: 96.08 / 96.39
H1 chart’s support levels: 95.68
Trading recommendations for today:
Based on the H1 chart, place
orders only if the US Dollar Index
level is seen at 95.68,
take profit is at
and stop loss is at 95.27.
The material has been provided by InstaForex Company – www.instaforex.com