The USDX has made a significant bullish movement above the level of 85.18 on the daily chart, so it is very likely that the next target resistance level of 86.20 will be reached in the coming days, although the USDX is showing clear signs of overbought, due to its pronounced bullish trend in this chart.
Daily chart's resistance levels: 86.20 - 87.35
Daily chart's support levels: 85.18 - 84.29
In H1 the chart, the USDX has made a breakout at the level of 85.49, since this instrument had a strong bullish momentum over the support level of 85.27, then it consolidated under the resistance level of 85.73. However, remember that the USDX could start performing corrective Movements during this week, because the USDX is far from the current position of the 200-day moving average in this chart, in addition to the MACD indicator , that is entering overbought area.
H1 chart's resistance levels: 85.73 - 85.95
H1 chart's support levels: 85.49 - 85.27
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 85.73, take profit is at 85.95, and stop loss is at 85.49.
The material has been provided by InstaForex Company - www.instaforex.com
