The USDX has made a successful breakout at the 89.55 level, so that the next target on the H4 chart would be the resistance level of 90.25, at least in the medium term. However, the USDX could try to consolidate below the 89.55 level and down to the support level of 89.05, although the field is getting ready for the USDX rise to the level of 90.25 on the H4 chart.
H4chart's resistance levels: 90.25 / 91.25
H4chart's support levels: 89.55 / 89.05
On the H1 chart, the USDX has formed two fractals at the resistance level of 89.76, which will increase strength in that area so that this instrument falls to the support level of 89.51. However, the bearish retracement could extend to the level of 89.25 in the short term as long as the USDX makes a breakout at the level of 89.51. The MACD indicator is moving into the negative territory.
H1 chart's resistance levels: 89.76 / 90.01
H1 chart's support levels: 89.51 / 89.25
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 89.76, take profit is at 90.01, and stop loss is at 89.51.
The material has been provided by InstaForex Company - www.instaforex.com
