The USDX has gradually consolidated above the 90.16 level, given that this area has served as strong resistance to this instrument. Therefore, caution should be exercised in the way the USDX is making this consolidation, because this instrument is not forming a strong bullish pattern on the H4 chart.
H4chart's resistance levels: 90.50 / 91.55
H4chart's support levels: 90.16 / 89.55
On the H1 chart, one can appreciate that the USDX attempted to form a higher high pattern below the resistance level of 90.26. However, USDX failed several times to make a breakout in that area. Therefore, if the USDX manages to make a bullish consolidation above this area, the next target would be the resistance level of 90.50.
H1 chart's resistance levels: 90.26 / 90.50
H1 chart's support levels: 90.01 / 89.76
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 90.26, take profit is at 90.50, and stop loss is at 89.76.
The material has been provided by InstaForex Company - www.instaforex.com
