On the daily chart, the USDX has been trading higher during the last hours, as the Index is trying to break the resistance level of 95.74. However, we could expect some consolidation moves in the hours to come.
The short-term outlook tells us about a bullish pattern formation taking place in the H1 chart above the support level of 95.23. The nearest resistance is located around 95.48 and now a high of 95.80 can be the next target if the Index does a breakout over there. The USDX is trading above the 200 SMA in the H1 chart.
Daily chart's resistance levels: 95.74 / 96.57
Daily chart's support levels: 94.66 / 93.75
H1 chart's resistance levels: 95.48 / 95.80
H1 chart's support levels: 95.24 / 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 95.48, take profit is at 95.80, and stop loss is at 95.10.
The material has been provided by InstaForex Company - www.instaforex.com