The index managed to stay above the support level of 95.83 during the wednesday’s session, because the USDX continued to develop a bullish pattern on the daily chart. That is why we should put our focus on the resistance level of 96.64, where a rally should be expected in coming
days, while the index continues to trade above the support
level of 95.26.
On the H1 chart, the USDX did a pullback at the resistance level of 96.34 after it faced sellers’ reaction over there. We
expect another rebound towards that zone, because bulls are still
strong enough to do intraday rallies, which should hold
above the 200 SMA in this time frame. Thr MACD indicator is entering the negative territory.
resistance levels: 96.64 / 97.23
support levels: 95.83 / 95.26
H1 chart’s resistance
levels: 96.09 / 96.34
H1 chart’s support levels: 95.80
Trading recommendations for today:
Based on the H1 chart, place
orders only if the US Dollar Index
level is seen at
take profit is at
and stop loss is at 95.86.
The material has been provided by InstaForex Company – www.instaforex.com