In the daily chart, the USDX had a bullish momentum at the support level of 87.35, because this instrument continues forming a pattern for a bullish breakout at the resistance level of 88.63. If successful, it's expected to rise to the level of 90.40. However, caution is advised with sell orders in the long term, because the USDX intends to continue strengthening the bullish trend.
Dailychart's resistance levels: 88.63 / 90.40
Dailychart's support levels: 87.35 / 86.20
The USDX has made a bullish consolidation above the support level of 88.15, as this instrument made a rebound on the 200-day moving average in H1 chart. Now, the USDX is forming a lower high pattern below the resistance level of 88.43. The next goal in the bullish road would be the level of 88.71. The MACD indicator is in the overbought zone.
H1 chart's resistance levels: 88.43 / 88.71
H1 chart's support levels: 88.15 / 87.86
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 88.43, take profit is at 88.71, and stop loss is at 88.15.
The material has been provided by InstaForex Company - www.instaforex.com
