At the daily chart, the
instrument did a strong rebound at the support level of 98.01,
because, as we have been saying in the last articles, the USDX is
still alive in the bullish outlook for the medium and long term. If
the USDX breaks the resistance zone of 99.19, it will test the level
of 100.49. For now, we recommend to wait for bullish pattern
formations to follow the current bias.
Currently, the USDX is trying to
consolidate again above the 200 SMA in the intraday charts, because
the instrument recovered from the losses of the last session, above the support zone of 97.19. If the USDX breaks the
resistance level of 99.13, the next target could be the psycological
level of 100.00, which is an important one.
resistance levels: 99.19 / 100.49
support levels: 98.01 / 96.60
H1 chart’s resistance
levels: 99.13 / 100.01
H1 chart’s support levels: 97.93
Trading recommendations for today:
Based on the H1 chart, place
orders only if the USD Index
level is at 99.19,
take profit is at
and stop loss is at 98.27.
The material has been provided by InstaForex Company – www.instaforex.com