The USDX has made again a breakout at the level of 88.63 in an attempt to reach the resistance level of 90.40 in the medium term. To make the USDX reach that level, it would be necessary to begin to form a higher high pattern above the support level of 88.63. The MACD indicator is entering neutral territory.
Dailychart's resistance levels: 90.40 / 93.44
Dailychart's support levels: 88.63 / 87.35
On the H1 chart, the USDX has managed to stay above the 200-day moving average, because this instrument is forming a bullish pattern above the support level of 88.99. On the upside road, the USDX would be facing the resistance levels of 89.25 and 89.51. On the other hand, a pullback at tghe current levels could lead to USDX to touch the support level of 88.71.
H1 chart's resistance levels: 89.25 / 89.51
H1 chart's support levels: 88.99 / 88.71
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 89.25, take profit is at 89.51, and stop loss is at 89.00.
The material has been provided by InstaForex Company - www.instaforex.com
