On the H4 chart, the USDX is trying to form a bullish pattern above the support level of 89.05. However, the USDX could conduct a retracement to that level, as this instrument has been quite exhausted due to its bullish momentum in the last hours. It can be proved by the fact that the USDX has formed a fractal next to the resistance level of 89.55.
H4chart's resistance levels: 89.55 / 91.00
H4chart's support levels: 89.05 / 88.65
The USDX finds resistance at the 89.25 level, because during yesterday's session, this instrument was forming a higher high pattern above the support level of 88.99. For now, the USDX still has strength to climb to the resistance level of 89.51, as the bullish movement has not been exhausted yet. The MACD indicator remains in the negative territory.
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
