On the daily chart, it seems that the USDX is trying to form a bullish pattern, because the volume of trading this instrument has decreased in the last few hours, so the USDX could conduct a retracement below the psychological level of 92.00. For now, the resistance level of 93.44 remains the bullish target.
Dailychart's resistance levels: 93.44 / 96.59
Dailychart's support levels: 90.40 / 88.63
The USDX has consolidated above the support level of 92.08, because this instrument has not been able to make a breakout at the level of 92.51. Today, depending on the publication of the first U.S NFP of the year, it is likely that the USDX will start moving in a low range to try to form a solid bullish pattern.
H1 chart's resistance levels: 92.51 / 92.92
H1 chart's support levels: 92.08 / 91.66
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 92.51, take profit is at 92.92, and stop loss is at 92.08.
The material has been provided by InstaForex Company - www.instaforex.com
