On the daily chart, the USDX remains supported above the 95.83, where the bottom is expected in coming days. Rebounds are expected to allow the index to test that resistance zone placed around the level of 96.38. If the USDX succeeds to consolidate above that level, it will test the zone around 96.91. The MACD indicator remains at the positive territory.
There is some dynamic support found at the 200 SMA on the H1 chart, which could give some bullish momentum to the index pushing it higher towards new key levels. This is also supported by the current moving average location in this time frame and eventually the USDX could test the level of 96.15.
Daily chart's resistance levels: 96.38 / 96.91
Daily chart's support levels: 95.81 / 95.26
H1 chart's resistance levels: 96.15 / 96.30
H1 chart's support levels: 95.94 / 95.77
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level is at 96.15, take profit is at 96.30, and stop loss is at 96.00.
The material has been provided by InstaForex Company - www.instaforex.com