Ahead of today’s NFP, the US Dollar Index is hovering around the 200 SMA at H1 chart and remains capped by the resistance level of 101.74. Eventually, the index may attempt a decline towards the support zone of 100.53, where a demand zone is located and if it gives up in coming bearish momentum, the next obstacle to the downside would be the 99.39 level.
H1 chart’s resistance levels: 101.74 / 102.61
H1 chart’s support levels: 100.53 / 99.39
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 101.74, take profit is at 102.61 and stop loss is at 100.87.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Ahead of today’s NFP, the US Dollar Index is hovering around the
200 SMA at H1 chart and remains capped by the resistance level of
101.74. Eventually, the index may attempt a decline towards the
support zone of 100.53, where a demand zone is located and if it
gives up in coming bearish momentum, the next obstacle to the
downside would be the 99.39 level.
H1 chart’s resistance
levels: 101.74 / 102.61
H1 chart’s support levels:
100.53 / 99.39
Trading recommendations for today:
Based on the H1 chart, place
buy
(long)
orders only if the USD Index
breaks with
a bullish
candlestick;
the resistance
level is at
101.74,
take profit is at
102.61
and stop loss is at 100.87.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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