The index held its structure above the support zone of 96.90, as the bears didn’t have the enough power to continue following the downside path. Overall, a corrective move is coming and that should happen when USDX manages to break above the resistance level of 97.41, with the next target placed around 98.11, which is also above the 200 SMA on H1 chart.
H1 chart’s resistance levels: 97.41 / 98.11
H1 chart’s support levels: 96.90 / 96.25
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 96.90, take profit is at 96.25 and stop loss is at 97.56.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
The index held its structure above the support zone of 96.90, as the bears didn’t have the enough power to continue following the downside path. Overall, a corrective move is coming and that should happen when USDX manages to break above the resistance level of 97.41, with the next target placed around 98.11, which is also above the 200 SMA on H1 chart.
H1 chart’s resistance levels: 97.41 / 98.11
H1 chart’s support levels: 96.90 / 96.25
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 96.90, take profit is at 96.25 and stop loss is at 97.56.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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