On the daily chart, The USDX continues to trade in favor of the long side, because the Index is trading above the support level of 96.57, looking now for the resistance zone around 97.57. However, be cautious with the current supply territory, which is located there, as the USDX could perform a strong pullback when at 97.57.
The Index is now forming a higher high pattern above the support level of 96.72, looking for an opportunity to break out above the resistance level of 96.86. In case of success, it would be expected to test the level 97.08. The current bullish momentum which is taking place above the 200 SMA in the H1 chart. The MACD indicator is overbought.
Daily chart’s resistance levels: 96.57 / 97.57
Daily chart’s support levels: 95.74 / 94.66
H1 chart’s resistance levels: 96.38 / 96.65
H1 chart’s support levels: 96.13 / 95.89
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level is at 96.86, take profit is at 97.08, and stop loss is at 96.64.
The material has been provided by InstaForex Company – www.instaforex.com
On the daily chart, The USDX continues to trade in favor of the long side, because the Index is trading above the support level of 96.57, looking now for the resistance zone around 97.57. However, be cautious with the current supply territory, which is located there, as the USDX could perform a strong pullback when at 97.57.
The Index is now forming a higher high
pattern above the support level of 96.72, looking for an opportunity to break out
above the resistance level of 96.86. In case of success, it would be
expected to test the level 97.08. The current
bullish momentum which is taking place above the 200 SMA in the H1 chart. The MACD indicator is overbought.
Daily chart’s
resistance levels: 96.57 / 97.57
Daily chart’s
support levels: 95.74 / 94.66
H1 chart’s resistance
levels: 96.38 / 96.65
H1 chart’s support levels: 96.13
/ 95.89
Trading recommendations for today:
Based on the H1 chart, place
buy
(long)
orders only if the US Dollar Index
breaks with
a bullish
candlestick;
the resistance
level is at 96.86,
take profit is at
97.08,
and stop loss is at 96.64.
The material has been provided by InstaForex Company – www.instaforex.com
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