The USDX made another fall to the support level of 88.63 on the daily chart, although this is normally a technical level, because the USDX is performing corrective movements in favor of the current bullish trend. A rebound in that area could lead to this instrument to rise up to the resistance level of 90.40 in the medium term. The MACD indicator is entering the neutral territory.
Daily chart's resistance levels: 90.40 / 93.44
Dailychart's support levels: 88.63 / 87.35
On the H1 chart, the USDX tried to consolidate below the 88.43 level, but failed. Now the USDX is trying to regain the intraday bullish bias above the 200-day moving average. Therefore, this instrument is unlikeyl to make a breakout at the resistance level of 88.71 and reaches the level of 88.99 in the coming hours.
H1 chart's resistance levels: 88.71 / 88.99
H1 chart's support levels: 88.43 / 88.15
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 88.71, take profit is at 88.99, and stop loss is at 88.43.
The material has been provided by InstaForex Company - www.instaforex.com
