The USDX is currently doing downward movements within a corrective phase, which seems to be very extended on the daily chart, because the index could retrace to the 200 SMA again. When
the USDX tests that area, it could perform a rebound to ride the overall bullish trend.
On the H1 chart, The USDX is moving below the
resistance level of 95.20 with a lower low pattern formation, because
it’s looking for new monthly lows. The 200 SMA is also pointing to the
downside, with near-term targets at the level of 94.77. The MACD
indicator is still moving inside the negative territory and that is
why bears are still an option here.
resistance levels: 96.64 / 97.23
support levels: 95.83 / 95.26
H1 chart’s resistance
levels: 95.20 / 95.41
H1 chart’s support levels: 94.99
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 95.21.
The material has been provided by InstaForex Company – www.instaforex.com