The index remains in a sideways range, hovering around the 200 SMA and waiting for a fresh catalyst that decides the next path. The resistance zone of 93.60 is expected to hold, as the price action continues to favor to the bears. However, if USDX breaks it, then we should see a rally towards the 93.98 level. To the downside, the next target is the 92.70 level.
H1 chart's resistance levels: 93.60 / 93.98
H1 chart's support levels: 92.70 / 91.85
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 92.70, take profit is at 91.85 and stop loss is at 93.53.
The material has been provided by InstaForex Company - www.instaforex.com