The index is holding its bullish tone in the short term, as we saw a consolidation above the support level of 98.53 during Monday’s session. Still, we expect further rallies toward the 99.19 level, where a breakout should open the doors to visit the 99.70 level. However, if USDX does a consolidation below the 98.53 level, then it can test the 98.00 psychological level. 200 SMA is currently a dynamic support on the H1 chart.
H1 chart’s resistance levels: 99.19 / 99.70
H1 chart’s support levels: 98.53 / 98.01
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 99.19, take profit is at 99.70 and stop loss is at 98.68.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
The index is holding its bullish tone in the short term, as we saw a consolidation above the support level of 98.53 during Monday’s session. Still, we expect further rallies toward the 99.19 level, where a breakout should open the doors to visit the 99.70 level. However, if USDX does a consolidation below the 98.53 level, then it can test the 98.00 psychological level. 200 SMA is currently a dynamic support on the H1 chart.
H1 chart’s resistance levels: 99.19 / 99.70
H1 chart’s support levels: 98.53 / 98.01
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 99.19, take profit is at 99.70 and stop loss is at 98.68.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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