The USDX has made a pullback close to the resistance level of 88.63 on the daily chart again. It is therefore possible that this instrument falls to the support level of 87.35 in this week. The USDX could have a respite to fall to that level and try again routed to the level of 88.63 and consolidate above that area, because the USDX is forming a bullish pattern. The MACD indicator remains in the negative territory.
Dailychart's resistance levels: 88.63 / 90.40
Dailychart's support levels: 87.35 / 86.20
In the H1 chart, the USDX fell abruptly to the location of the 200 SMA at the support level of 87.86. The USDX could conduct a rebound over this area and reach the resistance level of 88.15 again because this instrument still remains strong in the current bullish bias.
H1 chart's resistance levels: 88.15 / 88.43
H1 chart's support levels: 87.86 / 87.58
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 88.15, take profit is at 88.43, and stop loss is at 87.87.
The material has been provided by InstaForex Company - www.instaforex.com
