The daily chart shows an effort of consolidation above the 200 SMA, after the index failed to break out below the support zone of 93.00. The USDX also tested the resistance level of 94.59, which is the level that could be broken in order to reach the next zone of interest for sellers around the level of 95.26.
On the H1 chart, the USDX recovered some losses at the weekly opening. The USDX will look for an opportunity to break the resistance level of 94.71 in order to reach the 200 SMA in this time frame, but bear in mind that the current structure is still
calling for the downside. The MACD indicator is entering the negative
resistance levels: 94.59 / 95.26
support levels: 93.71 / 93.00
H1 chart’s resistance
levels: 93.78 / 94.39
H1 chart’s support levels: 93.18
Trading recommendations for today:
Based on the H1 chart, place
orders only if the US Dollar Index
level is seen at 93.78,
take profit is at
and stop loss is at 94.39.
The material has been provided by InstaForex Company – www.instaforex.com