USDX is rallying and looking to break the highs from May 23. Such move is opening the doors for testing the support area at 94.88, which should favor to the bulls in the short-term. However, there is still a bearish risk for the index to test the 200 SMA on H1 chart and in case that we see a breakout below it, then a decline to test the support zone of 93.12 could be possible.
H1 chart’s resistance levels: 94.10 / 94.88
H1 chart’s support levels: 93.12 / 92.33
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bearish candlestick; the support level is at 94.10, take profit is at 94.88, and stop loss is at 93.30.The material has been provided by InstaForex Company – www.instaforex.com
USDX is rallying and looking to break the highs from May 23. Such move is opening the doors for testing the support area at 94.88, which should favor to the bulls in the short-term. However, there is still a bearish risk for the index to test the 200 SMA on H1 chart and in case that we see a breakout below it, then a decline to test the support zone of 93.12 could be possible.
H1 chart’s resistance levels: 94.10 / 94.88
H1 chart’s support levels: 93.12 / 92.33
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bearish candlestick; the support level is at 94.10, take profit is at 94.88, and stop loss is at 93.30.The material has been provided by InstaForex Company – www.instaforex.com
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