The USDX is trying to consolidate above the support level of 88.63 with the formation of a higher high pattern. On the upside road, the nearest target is the resistance level of 90.40. However, it is likely that the USDX starts making retracements towards the support level of 88.63. The MACD indicator is moving into positive territory.
Dailychart's resistance levels: 90.40 / 93.44
Dailychart's support levels: 88.63 / 87.35
In the H1 chart, the USDX tried to continue falling below the support level of 89.25, but failed and now, this instrument is trying to reach the resistance level of 89.76 again. However, the range movements continue to dominate over the current trend on this chart, so it is very likely that during today's session, the USDX moves in range.
H1 chart's resistance levels: 89.51 / 89.76
H1 chart's support levels: 89.25 / 88.99
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 89.51, take profit is at 89.76, and stop loss is at 89.25.
The material has been provided by InstaForex Company - www.instaforex.com
