The USDX had a bullish day during the session on Tuesday and we could expect a rally towards the resistance level of 95.45 in the near term. Besides, bear in mind the fact that the 200 SMA is still pointing upwards and the USDX continues to form a bullish pattern. It shows a good performance of this instrument in the bullish bias.
On the H1 chart, the USDX is battling with the resistance level of 94.87, which currently is getting stronger. However, the 200 SMA on this time frame is still bullish. If the USDX makes a breakout in that zone, it would be expected to rise until the level of 95.16. For now, be cautious, as the MACD indicator is still showing negative levels.
Daily chart's resistance levels: 95.45 / 96.78
Dailychart's support levels: 94.18 / 93.02
H1 chart's resistance levels: 94.87 / 95.16
H1 chart's support levels: 94.38 / 93.94
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 94.87, take profit is at 95.16, and stop loss is at 94.58.
The material has been provided by InstaForex Company - www.instaforex.com
