The index is looking to break above the 96.60 level, as the US NFP’s momentum wasn’t enough to strengthen the bulls across the board. Above the 96.60 level, we can expect a rally to the 97.74 price zone because the USDX is still supported by the 200 SMA on the H1 timeframe. Another scenario is calling for a breakout below the 95.89 level so that the price could reach the 95.20 level.
H1 chart’s resistance levels: 96.60 / 97.74
H1 chart’s support levels: 95.89 / 95.20
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 96.60, take profit is at 97.74 and stop loss is at 95.47.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
The index is looking to break above the 96.60 level, as the US NFP’s momentum wasn’t enough to strengthen the bulls across the board. Above the 96.60 level, we can expect a rally to the 97.74 price zone because the USDX is still supported by the 200 SMA on the H1 timeframe. Another scenario is calling for a breakout below the 95.89 level so that the price could reach the 95.20 level.
H1 chart’s resistance levels: 96.60 / 97.74
H1 chart’s support levels: 95.89 / 95.20
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 96.60, take profit is at 97.74 and stop loss is at 95.47.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: