The USDX continues to strengthen in the bullish trend above the level of 87.93 in the H4 chart. The USDX is trying to touch new high levels, although the resistance level of 88.44 has been very strong. However, if this instrument can overcome this barrier, it's expected to touch the resistance level of 88.65. The MACD indicator is in the overbought zone.
H4chart's resistance levels: 88.27 / 88.44
H4chart's support levels: 88.19 / 87.93
In the H1 chart, the USDX is forming a bullish pattern above the 88.15 level, because this instrument managed to stay strong above the 200-day moving average at the last session. On the upside road, objectives would be set at the levels of 88.43 and 88.71. The possibility that the USDX falls again to the level of 87.86 is not ruled out.
H1 chart's resistance levels: 88.43 / 88.71
H1 chart's support levels: 88.15 / 87.86
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 88.43, take profit is at 88.71, and stop loss is at 88.14.
The material has been provided by InstaForex Company - www.instaforex.com
