The USDX could start to form a bullish pattern (higher high) above the
support level of 95.83, where we should expect bullish continuation
towards the level of 96.64 . The current price action is still favoring bulls on a mid-term basis, so the Index could reach the level of 97.08 after a breakout of the resistance mentioned above.
In the H1 chart, the USDX is currently moving in a bullish trend, which could be extended more above the 200
SMA. That is why there is a higher high pattern formed below the
resistance level of 96.09. If a breakout takes place over there, the
USDX will test the level of 96.39 in the coming hours at least. The MACD
indicator is entering the negative territory.
resistance levels: 96.64 / 97.08
support levels: 95.83 / 95.26
H1 chart’s resistance
levels: 96.08 / 96.39
H1 chart’s support levels: 95.68
Trading recommendations for today:
Based on the H1 chart, place
orders only if the US Dollar Index
level is seen at 96.08,
take profit is at
and stop loss is at 95.77.
The material has been provided by InstaForex Company – www.instaforex.com