On daily chart, the USDX is still trading higher and looking to test the resistance zone around 98.08. There is a higher high pattern formation on the chart. That’s why we would like to remain long on the Index, as long as it stays above the support level of 96.97 in this time frame. The 200 SMA is still
bullish and the upside is still strong.
Monday’s session was slow, but
bullish for the USDX in an intraday basis, because the Index is
looking to break the resistance level of 97.60 in order to reach the
resistance zone of 98.05. That resistance remains very strong in the short term basis and the Index is looking to do consolidation above
it during this week.
resistance levels: 98.08 / 98.64
support levels: 96.97 / 95.74
H1 chart’s resistance
levels: 97.60 / 98.06
H1 chart’s support levels: 97.16
Trading recommendations for today:
Based on the H1 chart, place
orders only if the USD Index
level is at 97.60,
take profit is at
and stop loss is at 97.16.
The material has been provided by InstaForex Company – www.instaforex.com