On the daily chart, the USDX is forming a bullish pattern, although the USDX has formed a fractal next to the last important high level. Therefore, the USDX could move very slowly during this week in what might be called a phase of consolidation. For now, caution is recommended when placing sell orders in the short term.
Daily chart's resistance levels: 93.44 / 96.59
Dailychart's support levels: 91.62 / 90.40
The USDX remains under pressure by the resistance level area of 92.08 on the H1 chart and this has made this instrument to remain below that level. For now, the USDX could conduct again a rebound near the support level of 91.66. On the upside road, if the USDX is able to consolidate above the level of 92.08, it would be expected to rise to the level of 92.51.
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
