The index managed to make a pullback at the 200 SMA, according to the H1 chart, following a series of fractals formed across the board. USDX is now looking to test January 3rd lows in an effort to strengthen the bears for the short-term. If the index manages to break above the resistance level of 92.57, it’s expected to rise towards the psychological level of 93.00.
H1 chart’s resistance levels: 92.57 / 93.00
H1 chart’s support levels: 92.25 / 91.68
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 92.25, take profit is at 91.68 and stop loss is at 92.83.
The material has been provided by InstaForex Company – www.instaforex.com
The index managed to make a pullback at the 200 SMA, according to the H1 chart, following a series of fractals formed across the board. USDX is now looking to test January 3rd lows in an effort to strengthen the bears for the short-term. If the index manages to break above the resistance level of 92.57, it’s expected to rise towards the psychological level of 93.00.
H1 chart’s resistance levels: 92.57 / 93.00
H1 chart’s support levels: 92.25 / 91.68
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 92.25, take profit is at 91.68 and stop loss is at 92.83.
The material has been provided by InstaForex Company – www.instaforex.com
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