On the daily chart, the USDX continues to trade below the resistance level of 96.38, where a pullback is currently taking place. That is why we expect a fall to the support level of 95.83. Currently, a breakout above the level 96.38 is expected to push the index higher until new 2-month highs at least. The MACD indicator is at the positive territory.
The index is currently performing a
correction from the resistance level of 96.51 and now it is testing
the support zone of 96.15. On the H1 chart, we should note a bullish
pattern formation which could push the USDX higher across new highs,
becauses bullish momentum seems to be still strong in an intraday basis.
resistance levels: 96.38 / 96.91
support levels: 95.81 / 95.26
H1 chart’s resistance
levels: 96.35 / 96.51
H1 chart’s support levels: 96.15
Trading recommendations for today:
Based on the H1 chart, place
orders only if the US Dollar Index
level is at
take profit is at
and stop loss is at 96.19.
The material has been provided by InstaForex Company – www.instaforex.com