The USDX is moving in the range below the resistance level of 88.63 on the daily chart. However, the USDX is still kept alive in the bullish bias, since the 200-day moving average is trying to bend upward and this instrument has not been consolidated below the support level of 87.35. The MACD indicator remains in negative territory.
Dailychart's resistance levels: 88.63 / 90.40
Dailychart's support levels: 87.35 / 86.20
On the H1 chart, the USDX found strong resistance at the 200-day moving average, so the USDX is trying to consolidate above that area to strengthen the bullish trend. If the USDX does a breakout at the 88.43 level, it is expected to rise to the resistance level of 88.71 in the short-term. The MACD indicator is moving into negative territory.
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 88.15.
The material has been provided by InstaForex Company - www.instaforex.com
