On the daily chart, The USDX is reaching new monthly highs above the key support level of 97.57 and it is expected to test the level of 99.15, when a breakout takes place above 98.29. However, we could expect a pullback when the Index achieves that territory, because it is overbought in lower time frames.
The USDX is trading sideways below the
resistance level of 98.22, which is a very important zone in the
current bullish intraday structure. If USDX breaks that level, it
would be expected to test the next high around 99.02. The 200
SMA is slightly bullish, and the MACD indicator remains at positive
territory on the H1 chart.
resistance levels: 98.29 / 99.15
support levels: 97.57 / 96.57
H1 chart’s resistance
levels: 98.22 / 99.02
H1 chart’s support levels: 97.72
Trading recommendations for today:
Based on the H1 chart, place
orders only if the US Dollar Index
level is at 97.72,
take profit is at
and stop loss is at 97.41.
The material has been provided by InstaForex Company – www.instaforex.com