The USDX is still alive in the bullish path above the support level of 95.83, and current resistance zone of 96.64 could produce a pullback. However, this corrective move should have a short duration, as the USDX is expected to test the resistance level of 97.23.
On the H1 chart, the USDX is forming a higher
high pattern above the support level of 96.34 and we should see a
test around the resistance level of 96.63. If a breakout happens
over there, the index will rise to 97.03. The MACD
indicator is entering the negative territory, and this would mean the
USDX could perform corrective moves soon.
resistance levels: 96.64 / 97.23
support levels: 95.83 / 95.26
H1 chart's resistance
levels: 96.63 / 97.03
H1 chart's support levels: 96.34
Trading recommendations for today:
Based on the H1 chart, place
orders only if the US Dollar Index
level is at 96.63,
take profit is at
and stop loss is at 96.24.
The material has been provided by InstaForex Company – www.instaforex.com