The USDX is currently dominated by the bearish bias below the resistance level of 97.60, and the closest support is located at the level of 97.02. When a breakout lower happens there, we should see a lower continuation towards the level of 96.62. The US Dollar is still weak and the 200 SMA on the H1 chart is currently favoring the bearish scenario. The MACD indicator is at the negative territory.
H1 chart's resistance levels: 97.60 / 98.80
H1 chart's support levels: 97.01 / 96.62
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US dollar index breaks with a bearish candlestick; the support level is found at 97.01, take profit is at 96.62, and stop loss is at 97.37.
The material has been provided by InstaForex Company - www.instaforex.com