USDX is forming fractals around the support area of 94.60 and it is adding a kind of strength to that zone in the short term. The outlook points to a consolidation in favor of the bulls, with the nearest target placed around the 95.85 level once it manages to break above October 27th highs. To the downside, the next support lies in the 200 SMA on the H1 chart.
H1 chart’s resistance levels: 95.14 / 95.85
H1 chart’s support levels: 94.60 / 93.97
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 95.14, take profit is at 95.85 and stop loss is at 94.47.
The material has been provided by InstaForex Company – www.instaforex.com
USDX is forming fractals around the support area of 94.60 and it is adding a kind of strength to that zone in the short term. The outlook points to a consolidation in favor of the bulls, with the nearest target placed around the 95.85 level once it manages to break above October 27th highs. To the downside, the next support lies in the 200 SMA on the H1 chart.
H1 chart’s resistance levels: 95.14 / 95.85
H1 chart’s support levels: 94.60 / 93.97
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 95.14, take profit is at 95.85 and stop loss is at 94.47.
The material has been provided by InstaForex Company – www.instaforex.com
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