The USDX continues to be favored by the current bullish momentum, as the instrument tries to reach the resistance level at 99.12, in order to make a breakout and later to consolidate again above the key resistance zone around 100.00. We still prefer the bullish outlook, as the fractal structure in the daily chart continues tells us that the bullish road is the real one at the moment.
In the H1 chart, the USDX is trying to stay above the 200 SMA, as the instrument could probably resume the bullish bias in the medium term. The short-term outlook is still bullish and we should wait for bullish patterns formation in order to ride this bias.
Daily chart's resistance levels: 99.12 / 100.35
Dailychart's support levels: 98.01 / 96.60
H1 chart's resistance levels: 98.77 / 99.16
H1 chart's support levels: 98.36 / 97.90
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 98.77, take profit is at 99.16, and stop loss is at 98.37.
The material has been provided by InstaForex Company - www.instaforex.com
