At the H4 chart, the USDX has still been following the bullish trend line at the support level of 87.35. However, the USDX has formed several fractals at the resistance level of 87.93, so this instrument has lost bullish force in the medium term and eventually the USDX could fall to the level of 86.75 next week.
H4chart's resistance levels: 87.93 / 88.19
H4chart's support levels: 87.35 / 87.00
The USDX made a pullback to the resistance level of 87.86, which caused a drop to the support level of 87.58. In this area, the 200 SMA is located on the H1 chart. If the USDX manages to support a breakout at that level, the next target would be the 87.28 level. The MACD indicator is entering the neutral territory.
H1 chart's resistance levels: 87.86 / 88.15
H1 chart's support levels: 87.58 / 87.28
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 87.86, take profit is at 88.15, and stop loss is at 87.57.
The material has been provided by InstaForex Company - www.instaforex.com
