In a daily chart, the USDX had bearish momentum during the monday's session. The Index is looking to test the support level of 94.66 again. By the way, a breakout of that zone would open the road to reach the next support located around the level of 93.75.
The short term-outlook is bearish for the USDX, because it found dynamic resistance at 200 SMA in the H1 chart. Now, it's forming bottom at the level of 95.15, where we could expect a corrective rebound in favor of the bearish bias. Anyway, if the Index does a breakout of that zone, it could reach 94.63.
Daily chart's resistance levels: 95.74 / 96.97
Daily chart's support levels: 94.66 / 93.75
H1 chart's resistance levels: 95.71 / 96.16
H1 chart's support levels: 95.15 / 94.63
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level is at 95.71, take profit is at 96.16, and stop loss is at 96.32.
The material has been provided by InstaForex Company - www.instaforex.com