The USDX does not give bears any chances to take the control of the current trend, as it remains very solid at a bullish momentum in the medium and long terms. The daily chart shows that the USDX has been doing very little corrective moves and the upside road is still on place. The 200 SMA on the daily chart is still very bullish.
The intraday outlook shows us a bullish structure that is trying to get consolidated, as the USDX is forming a bullish pattern below the resistance level of 100.01. The next upside target remains located at the 100.88 level. Retracements may go up to the support level of 99.13, where the instrument could find good opportunities to rebound.
Daily chart's resistance levels: 100.49 / 101.60
Dailychart's support levels: 99.19 / 98.01
H1 chart's resistance levels: 100.01 / 100.88
H1 chart's support levels: 99.13 / 97.93
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 100.01, take profit is at 100.88, and stop loss is at 99.13.
The material has been provided by InstaForex Company - www.instaforex.com
