On the daily chart, the USDX has been trading above the support level of 95.26, after a bullish momentum gained during yesterday's session. Ahead of the Fed's decision on ots interest rate hike, we should expect moves between the 95.83 and 95.26.
The USDX is currently facing strong resistance around the level of 95.65 where the 200 SMA is located in the H1 chart. We should expect a pullback over there and then the Index could fall again until at least 95.41. Consolidation below that zone will open doors to a test at 95.20 during coming hours.
Daily chart's resistance levels: 96.64 / 97.23
Daily chart's support levels: 95.83 / 95.26
H1 chart's resistance levels: 95.65 / 95.83
H1 chart's support levels: 95.41 / 95.20
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US Dollar Index breaks with a bearish candlestick; the support level is at 95.41, take profit is at 95.20, and stop loss is at 95.61.
The material has been provided by InstaForex Company - www.instaforex.com