The USDX had a bearish session yesterday, as the instrument performed a pullback next to the resistance level of 95.45. Now, on the daily chart, we could expect a bounce on the support level of 94.18, in the way that the USDX could go again towards the resistance level of 95.45 in the medium term. The MACD indicator is showing the negative territory.
We could say that the USDX performed a successful breakout at the 94.87 level. There is a solid bullish structure developing currently, as this instrument could reach easily the resistance level of 95.16 from the technical outlook. If the USDX makes a breakout at that level, we could expect more rallies towards the 95.57 level.
Daily chart's resistance levels: 95.45 / 96.78
Dailychart's support levels: 94.18 / 93.02
H1 chart's resistance levels: 95.16 / 95.57
H1 chart's support levels: 94.87 / 94.38
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 94.02, take profit is at 93.62, and stop loss is at 94.42.
The material has been provided by InstaForex Company - www.instaforex.com
