On the daily chart, we are still watching consolidation moves in the
general bullish bias, as the USDX is trying to reach higher levels,
because during the last days, this instrument moved sideways. By
the way, in the price action, we do not see intentions of the
bearish force to take the current ride of the USDX, as we’re still
bullish on the US Dollar.
During the session on Tuesday, the USDX
performed a strong pullback at the resistance level of 94.87, where a few
days ago it was rejected too. Anyway, we’re watching that the
instrument is trying to reach the 200 SMA on the H1 chart, where it is likely to perform a rebound, as this moving average could
act as dynamic support in the near term.
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