The USDX is still following the bullish bias in the long term, because this instrument was forming a higher high pattern above the support level of 91.88 and during the last days, the bullish momentum has unleashed the buy orders at the USDX, giving it a good road to perform a consolidation above the resistance level of 93.02 in the near term. The MACD indicator is trying to enter the negative territory.
For a good intraday oulook on the USDX, we need to pay atrention to the bullish trend line that has been drawn from the January 15's low, giving strong support to the USDX at the moment on H1 chart. The 200 SMA is bullish, and bulls could be strong during this week, if the USDX performs a breakout at the resistance level of 92.88 with the formation of some bullish pattern.
Daily chart's resistance levels: 93.02 / 94.18
Dailychart's support levels: 91.88 / 90.28
H1 chart's resistance levels: 92.88 / 93.22
H1 chart's support levels: 93.55 / 92.05
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 92.88, take profit is at 93.22, and stop loss is at 92.55.
The material has been provided by InstaForex Company - www.instaforex.com
