On the daily chart, bullish reaction is observed above the support level of 95.26 and we could be in front of a possible rally, which could be set up towards the resistance zone of 96.64 in coming days. The 200 SMA is turning neutral in this time frame, as the index continues to extend its rebound.
There is a strong resistance placed
around the level of 96.40 on the H1 chart and the USDX will need to overcome
that zone in order to perform new rallies. We should note the double
bottom pattern formed below the 200 SMA a couple of days ago. Immediate resistance is still placed at the level of 96.09. The MACD
indicator is entering the neutral territory.
resistance levels: 95.83 / 96.64
support levels: 95.26 / 93.86
H1 chart's resistance
levels: 96.09 / 96.34
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 at 96.09,
take profit is at
and stop loss is at 95.85.
The material has been provided by InstaForex Company – www.instaforex.com