There is a sideways consolidation above the support level of 96.85 in the H1 chart. Ahead of the FONC meeting, we could expect some volatile moves in favor of the dominant bias, which is bullish.
However, if the bearish scenario takes place after the meeting, we can expect a test at the 200 SMA zone in this time frame. The MACD indicator remains at the positive territory.
H1 chart’s resistance
levels: 97.16 / 97.51
H1 chart’s support levels: 96.85
Trading recommendations for today:
Based on the H1 chart, place
orders only if the US dollar index
level is seen at
take profit is at
and stop loss is at 96.81.
The material has been provided by InstaForex Company – www.instaforex.com