The USDX is still very bullish
and is trying to stay alive in this bias during considerable time. The
nearest resistance is located at the level of 98.01, where we could
expect more pullbacks on this instrument. We cannot forget the fact
that the USDX could start to form another bullish pattern because
the USDX is reaching overbought levels.
The intraday outlook remains bullish as the USDX is forming a higher high pattern above
the support level of 96.85. We can already see fractal formations
near the resistance level of 97.93. If that zone is reached to the
upside in the short term, the USDX could test the resistance level of
99.13. The MACD indicator is still on negative territory.
resistance levels: 98.01 / 99.19
support levels: 96.96 / 95.45
H1 chart’s resistance
levels: 97.93 / 99.13
H1 chart’s support levels: 96.85
Trading recommendations for today:
Based on the H1 chart, place
orders only if the USD Index
level is at 97.93,
take profit is at
and stop loss is at 96.72.
The material has been provided by InstaForex Company – www.instaforex.com