On the H4 chart, the USDX has been pretty weak below the resistance level of 88.65, because this instrument is trying to find support at the 88.19 level for a rebound and consolidation in the bullish bias this week. If the USDX does a breakout at the resistance level of 88.65, the next target would be the 89.05 level.
H4 chart's resistance levels: 88.27 / 88.44
H4chart's support levels: 88.19 / 87.93
The USDX continues to consolidate below the 200-day moving average on the H1 chart. Now, this instrument is forming a bearish pattern below the resistance level of 88.43. Therefore, the USDX is likely to rise to that level, because the USDX is trying to fill the bearish gap left when opening the week. The MACD indicator remains in the negative territory.
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
