The USDX is forming a higher high pattern on the daily chart, after a consolidation performed above the support zone around the level of 95.83. However, a breakout above the resistance zone of 96.38 will expose the index to test the zone of 96.91, which is still a key sell zone
for the USDX. A pullback should not be discarded at this stage.
On the H1 chart, the USDX is trying to perform
a rebound above the 200 SMA, which is acting as dynamic support. The
current structure is still calling for more upside moves, as the index is still holding above the last important lows reached during the
last week at least. The 200 SMA is turning neutral and the MACD indicator
remains at the negative territory.
resistance levels: 96.38 / 96.91
support levels: 95.81 / 95.26
H1 chart’s resistance
levels: 96.15 / 96.30
H1 chart’s support levels: 95.94
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 96.00.
The material has been provided by InstaForex Company – www.instaforex.com