The bearish path continues to
take the control at the current trend of the USDX and we can see it is
testing the support level of 96.60. This could be a good opportunity to enter the market with buy trades, but the USDX could extend
the falls to the support zone of 95.53 in the near term. Anyway,
the 200 SMA on the daily chart is still bullish.
On the H1 chart, the USDX is still
doing bearish moves below the 200 SMA and also, there are already
bearish patterns in place. If the USDX successfully breaks the
support level of 96.63, the instrument could reach the downside at
the level of 96.24. However, short trades in an intraday view should be
placed with cautioun, as the overall trend is still bullish.
resistance levels: 98.01 / 99.19
support levels: 96.60 / 95.53
H1 chart’s resistance
levels: 97.19 / 97.93
H1 chart’s support levels: 96.63
Trading recommendations for today:
Based on the H1 chart, place
orders only if the USD Index
level is at 97.19,
take profit is at
and stop loss is at 96.46.
The material has been provided by InstaForex Company – www.instaforex.com