On the daily chart, we can see a retracement from the USDX in favor of the bearish bias, as this instrument probably will touch the support level of 93.02 in the short term. Anyway, our bullish outlook in the general bias is still valid, as the 200 SMA is bullish and the USDX
is performing a corrective cycle on this chart.
Again, the USDX fell below the 200 SMA on the H1 chart. Now, the USDX finds strong support at the 93.46
level. But we are still interested to see a rebound on that level to the resistance level of 93.94, that could be the last chance in the
short term for this instrument to get on the bullish ride again.
Anyway, if the USDX makes a breakout at the 93.46 level, the next
target could be the support level of 93.10.
resistance levels: 94.18 / 95.45
support levels: 93.02 / 92.42
H1 chart’s resistance
levels: 93.94 / 94.38
H1 chart’s support levels: 93.46
Trading recommendations for today:
Based on the H1 chart, place
orders only if the USD Index
a bullish candlestick;
level is at 95.45,
take profit is at
and stop loss is at 93.50.
The material has been provided by InstaForex Company – www.instaforex.com