During the last session, we had already watched a strong bullish momentum
of the USDX in a daily chart, as the instrument
tested the resistance level of 95.45 again. We could expect
a higher high pattern formation for now, because the USDX is looking to hit the next resistance zone around the 96.96 level.
A strong resistance level is located
at 95.52, where the USDX is trying to form a bullish pattern in order
to strength the current upward bias. At the H1 chart, the 200 SMA is
still bullish and the USDX could probably reach
the resistance level of 96.63 throughout the week. On the other hand, if the USDX does a breakout at the support level of 95.31, it could test the 94.87 level.
resistance levels: 95.45 / 96.96
support levels: 94.18 / 93.02
H1 chart’s resistance
levels: 95.52 / 96.63
H1 chart’s support levels: 94.02
Trading recommendations for today:
Based on the H1 chart, place
orders only if the USD Index
level is at 94.38,
take profit is at
and stop loss is at 94.41.
The material has been provided by InstaForex Company – www.instaforex.com