On the daily chart we can see a huge bullish consolidation in
progress, as the USDX is trying to perform a breakout at the
resistance zone of 95.45. Bulls will be very strong when the
instrument starts to form a higher high pattern above that territory.
For now, we could recommend to wait for that breakout before resuming buy orders on the USDX.
The resistance level of 95.52 on the
H1 chart is still solid and the USDX stays alive above the support
level of 95.31. This shows us a proof of the current bullish
bias’s strengthening on the intraday charts. The 200 SMA is bullish
and we expect more bullish rallies on this instrument, but first, we
would like to see the breakout on that resistance zone.
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
breaks through with
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