On the daily chart, the USDX remains in a consolidation phase, between 88.63 and 87.35. During today's session, the USDX could move with very low liquidity, since today is a day off after Thanksgiving holiday in the US. So, the USDX will not have significant changes affecting its current trend. The MACD indicator is moving into the negative territory.
Dailychart's resistance levels: 88.63 / 90.40
Dailychart's support levels: 87.35 / 86.20
The USDX has managed to consolidate above the 200 SMA on the H1 chart, so the next target in the bullish road would be the resistance level of 88.15. However, the USDX could suffer a bearish pressure next week, although the MACD indicator could give it a bullish momentum. This instrument could climb above the 88.15 level and achieve the target level of 88.43.
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 87.86.
The material has been provided by InstaForex Company - www.instaforex.com
