The USDX is trying to find support on the bullish trend line which is near the level of 91.93 on the H4 chart. Now, the USDX could rise to the resistance level of 92.62 and this is the strongest hypothesis so far, because we do not yet see the formation of trend-reversal patterns in this time frame. The MACD indicator remains solid in the bearish trend.
H4 chart's resistance levels: 92.62 / 93.75
H4chart's support levels: 91.62 / 91.17
On the H1 chart, the USDX has made a retracement below the 92.08 level. So, this instrument is likely to touch the support level of 91.66 in the coming hours. However, there is still a good chance that the USDX will again consolidate above the resistance level of 92.08, while the 200-day moving average is approaching the current price of the USDX.
H1 chart's resistance levels: 92.08 / 92.51
H1 chart's support levels: 91.66 / 91.24
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 92.08, take profit is at 92.51, and stop loss is at 91.66.
The material has been provided by InstaForex Company - www.instaforex.com
