On the daily chart, the USDX continues to trade in favor of a bullish bias, looking for an opportunity to break the resistance level of 96.64. Of course, that will happen when the Index achieves in developing a good bullish pattern formation to continue it previous rally. On the other hand, the USDX is expected to
perform another pullback towards the support level of 95.83.
The index is still trading sideways on the H1 chart, with a bullish consolidation above the 200 SMA.
The next key resistance level is located around 96.63, where the
USDX should make a breakout in order to reach new highs during the period of consolidation mentioned above. The MACD indicator is still at negative
resistance levels: 96.64 / 97.23
support levels: 95.83 / 95.26
H1 chart's resistance
levels: 96.34 / 96.63
H1 chart's support levels: 96.09
Trading recommendations for today:
Based on the H1 chart, place
orders only if the US Dollar Index
level is seen at 96.34,
take profit is at
and stop loss is at 96.01.
The material has been provided by InstaForex Company – www.instaforex.com