continues forming a bullish pattern below the resistance level of 87.35.
However, the USDX could conduct a retracement to the psychological
level of 87.00, although this instrument is still holding strong in
the current bullish trend. The MACD indicator remains in positive
territory, which would support our current bullish trend.
resistance levels: 87.35 / 88.63
levels: 86.20 / 85.18
On the H1 chart, the USDX has
consolidated above the support level of 87.28. Now, the USDX has
encountered strong resistance at the 87.58 level. If successful, it
is expected to rise to the level of 87.86 which would be a strong
bullish consolidation in the short term. However, the USDX is showing
weakness in the current trend, so it would not be surprising that the
USDX to fall to 87.00 level.
H1 chart’s resistance levels:
87.58 / 87.86
H1 chart’s support levels:
87.28 / 87.00
Trading recommendations for today:
Based on the H1 chart, place
orders only if the USD Index
a bullish candlestick;
level is at 87.58,
take profit is at
and stop loss is at 87.28.
The material has been provided by InstaForex Company – www.instaforex.com