On the daily chart, the support level of 94.18 continues to be very solid trying to reject the sellers action on the USDX. Currently, we expect another bullish move to the resistance level of 95.45, because as we said in past articles, there is still enough bullish momentum on this instrument. The MACD indicator is still on the negative territory.
We're still watching sideways movements on the intraday charts, as the USDX is trying to break the resistance level of 94.38, but during the last days, the instrument failed to break out the support level of 94.02. It is not advisable to place orders inside this zone, because the USDX aims to build a more solid structure to follow, bullish or bearish, in the short term.
Daily chart's resistance levels: 95.45 / 96.96
Dailychart's support levels: 94.18 / 93.02
H1 chart's resistance levels: 94.87 / 95.10
H1 chart's support levels: 94.38 / 94.02
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 94.38, take profit is at 94.02, and stop loss is at 94.75.
The material has been provided by InstaForex Company - www.instaforex.com
