At the daily chart, the instrument did a strong rebound at the support level of 98.01, because, as we have been saying in the last articles, the USDX is still alive in the bullish outlook for the medium and long term. If the USDX breaks the resistance zone of 99.19, it will test the level of 100.49. For now, we recommend to wait for bullish pattern formations to follow the current bias.
Currently, the USDX is trying to consolidate again above the 200 SMA in the intraday charts, because the instrument recovered from the losses of the last session, above the support zone of 97.19. If the USDX breaks the resistance level of 99.13, the next target could be the psycological level of 100.00, which is an important one.
Daily chart's resistance levels: 99.19 / 100.49
Dailychart's support levels: 98.01 / 96.60
H1 chart's resistance levels: 99.13 / 100.01
H1 chart's support levels: 97.93 / 97.19
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 99.19, take profit is at 100.49, and stop loss is at 98.27.
The material has been provided by InstaForex Company - www.instaforex.com
