On the daily chart, the USDX is still bulish above the support level of 94.18 where this instrument made a rebound last weekand. Probably during this week, the USDX could rise again to the resistance level of 95.45. As you can see in this time frame, the bullish trend line is still respected and the 200 SMA remains in favor of the bullish bias.
The USDX made a consolidation above the support level of 94.78 last Friday, with a near-term target to the resistance level of 95.05. If the instrument makes a breakout in that zone, it would be expected to rise to the level of 95.35, that is next to the high of the January 26's session. Also, the 200 SMA is bullish, alongisde with the MACD indicator.
Daily chart's resistance levels: 95.45 / 97.52
Dailychart's support levels: 94.18 / 93.02
H1 chart's resistance levels: 95.05 / 95.35
H1 chart's support levels: 94.78 / 94.38
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 95.05, take profit is at 95.35, and stop loss is at 94.73.
The material has been provided by InstaForex Company - www.instaforex.com
