The USDX has found resistance at the 90.16 level. During the meeting of December 24, this instrument formed a fractal next to that area. Therefore, the USDX could conduct a breakout at that level to try to achieve the bullish trend line at the level of 91.10. On the H4 chart, we can see that this instrument is alive in the bullish outlook, although the MACD indicator is moving into the negative territory.
H4chart's resistance levels: 90.16 / 91.10
H4chart's support levels: 89.55 / 89.05
On the H1 chart, the USDX has made a retracement below the resistance level of 90.01. For now, this instrument is trying to gain bullish momentum to try to consolidate back above that area and go up to the level of 90.26 in the short term . For now, the USDX remains above the 200-day moving average.
H1 chart's resistance levels: 90.01 / 90.26
H1 chart's support levels: 89.76 / 89.51
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 90.01, take profit is at 90.26, and stop loss is at 89.76.
The material has been provided by InstaForex Company - www.instaforex.com
