The USDX has been recovering after a decline held until the support level of 97.60. Now it's looking for an opportunity to break the resistance zone of 98.80. A push higher will take this index to the 200 SMA on the H1 chart, which is very close to the level of 99.25. In another scenario, a breakout below the level of 97.60 will expose the USDX to test a low of 97.01. The MACD indicator is entering the neutral territory.
H1 chart's resistance levels: 98.80 / 99.25
H1 chart's support levels: 97.60 / 97.01
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX breaks with a bullish candlestick; the resistance level is seen at 98.80, take profit is at 99.25, and stop loss is at 98.34.
The material has been provided by InstaForex Company - www.instaforex.com