The USDX managed to break the resistance zone of 96.97 and now it’s focusing to test the next upside target at 98.08. We’re at important levels and we should be cautious when trading owing to bullish momentum on the Index. As the current price action is showing that bulls are in control, we should follow this bias.
In the H1 chart, the USDX continues to trade
in favor of the upward trend. Also, it’s moving sideways, that
could mean it could be forming a bullish pattern. In case of success, it
has to break the resistance level of 97.60 in order to rally towards
the level of 97.97. 200 SMA is still bullish, but the MACD indicator is
in the negative territory.
resistance levels: 98.08 / 98.64
support levels: 96.97 / 95.74
H1 chart’s resistance
levels: 97.16 / 97.97
H1 chart’s support levels: 97.16
Trading recommendations for today:
Based on the H1 chart, place
orders only if the US Dollar Index
level is at 97.60,
take profit is at
and stop loss is at 97.25.
The material has been provided by InstaForex Company – www.instaforex.com