On the H4 chart, the USDX is trying to form a bearish pattern above the support level of 87.93. Please, be aware that this instrument has not been strong enough to run a bearish consolidation below the 200-day moving average. So, the USDX is expected to try climbing to the resistance level of 88.19. The MACD indicator remains in the negative territory.
H4chart's resistance levels: 88.19 / 88.49
H4chart's support levels: 87.93 / 87.35
The USDX remains below the resistance level of 88.15, because this instrument is trying to strengthen the bearish bias in the short term. However, the USDX has formed a fractal at the support level of 87.86. Thus, this instrument is likely to make a rebound at the current levels and up to the level of 88.15. The MACD indicator is entering the neutral territory.
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
