On the daily chart, the USDX has pulled back from its highs after a bullish gap, which was formed on the back of developments in Greece. The support zone around 94.66 is still the closest one on the downside, but the USDX could start trading higher if it does a rebound at that support. In case of success, it will test the next resistance at the level of 95.74.
Index closed the bullish gap falling below the 200 SMA on the H1 chart. Now, the USDX is forming a lower low pattern and looking for an opportunity to break the support level of 94.77.
Anyway, a rebound at the current levels will help the USDX consolidate
again above the moving average mentioned before. The MACD indicator is
reaching the oversold territory.
resistance levels: 95.74 / 96.57
support levels: 94.66 / 93.63
H1 chart’s resistance
levels: 95.09 / 95.48
H1 chart’s support levels: 94.77
Trading recommendations for today:
Based on the H1 chart, place
orders only if the US Dollar Index
level is at 95.09,
take profit is at
and stop loss is at 94.71.
The material has been provided by InstaForex Company – www.instaforex.com