The USDX is looking for gain positions towards the resistance zone around 100.51. The daily-chart structure tells us that the Index is likely to find strong resistance at that level because it has been very bullish in recent days. Anyway, we recommend to continue adding long positions in favor of the overall trend.
After a bullish consolidation between the 99.55 and 99.14 levels, the USDX is making a rally, which probably could move it to the resistance level at 100.12. The Index has to make a breakout there in order to reach the next upside target, which is located at 100.85. The 200 SMA is also pointing to the upwards.
Daily chart's resistance levels: 100.51 / 101.95
Dailychart's support levels: 99.12 / 97.83
H1 chart's resistance levels: 97.75 / 98.00
H1 chart's support levels: 97.30 / 97.08
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 100.12, take profit is at 100.85, and stop loss is at 99.42.
The material has been provided by InstaForex Company - www.instaforex.com
