We can see sideways on the USDX on the daily chart, as this
instrument still finds support at the level of 94.18. During
this week, we could see more consolidation moves on the USDX, but
there are still high chances that the instrument has a bullish
momentum, at least until the resistance level of 95.45 in the medium
and short term. The MACD indicator remains in the negative territory.
During the session on Friday, the USDX
couldn’t get consolidated above the resistance level of 94.87 and now
is trading below the 200 SMA on the H1 chart. We could expect a more
downside move until the support level of 94.02. If it is successful and
breaks that level, the index would be expected to fall until the support
level of 93.78 in the very short term.
resistance levels: 95.45 / 96.96
support levels: 94.18 / 93.02
H1 chart’s resistance
levels: 94.87 / 95.10
H1 chart’s support levels: 94.38
Trading recommendations for today:
Based on the H1 chart, place
orders only if the USD Index
level is at 94.02,
take profit is at
and stop loss is at 94.25.
The material has been provided by InstaForex Company – www.instaforex.com