The index is resuming the bullish bias across the board, as it targets levels above the 101.00 handle. As we have noted in past analysis, USDX may rally toward 101.43, where a breakout should open the doors to visit the 102.39 level. However, because of Trump-Abe meeting, we can witness some volatility ahead of weekend and the US Dollar could plumment toward the 100.00 psycholgical level.
H1 chart’s resistance levels: 101.43 / 102.38
H1 chart’s support levels: 100.01 / 98.98
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 100.01, take profit is at 98.98 and stop loss is at 101.03.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
The index is resuming the bullish bias across the board, as it targets levels above the 101.00 handle. As we have noted in past analysis, USDX may rally toward 101.43, where a breakout should open the doors to visit the 102.39 level. However, because of Trump-Abe meeting, we can witness some volatility ahead of weekend and the US Dollar could plumment toward the 100.00 psycholgical level.
H1 chart’s resistance levels: 101.43 / 102.38
H1 chart’s support levels: 100.01 / 98.98
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 100.01, take profit is at 98.98 and stop loss is at 101.03.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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