Range moves continue to dominate the daily chart of the USDX, as
this instrument continues to stay above the key support level of
94.18. We could expect more rallies, but we should remain cautious,
as the USDX is trying to reach the resistance level of 95.45 in the
medium term. The 200 SMA is also bullish, but be aware of the current
negative position of the MACD indicator.
The bullish consolidation in the USDX on the H1 chart is now verified thanks to the strong rebound at the
200 SMA which the instrument did during Monday’s session. Besides,
the USDX performed a pullback at the resistance level of 94.87, but
it still remains alive with the bullish bias, as the instrument could
rise again to that zone in order to reach the next resistance
level of 95.07.
resistance levels: 95.45 / 96.96
support levels: 94.18 / 93.02
H1 chart’s resistance
levels: 94.87 / 95.07
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 94.87,
take profit is at
and stop loss is at 94.65.
The material has been provided by InstaForex Company – www.instaforex.com