On the daily chart, we are still watching consolidation moves in the general bullish bias, as the USDX is trying to reach higher levels, because during the last days, this instrument moved sideways. By the way, in the price action, we do not see intentions of the bearish force to take the current ride of the USDX, as we're still bullish on the US Dollar.
During the session on Tuesday, the USDX performed a strong pullback at the resistance level of 94.87, where a few days ago it was rejected too. Anyway, we're watching that the instrument is trying to reach the 200 SMA on the H1 chart, where it is likely to perform a rebound, as this moving average could act as dynamic support in the near term.
Daily chart's resistance levels: 95.45 / 96.96
Dailychart's support levels: 94.18 / 93.02
H1 chart's resistance levels: 94.87 / 95.07
H1 chart's support levels: 94.38 / 94.02
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 95.07, and stop loss is at 94.65.
The material has been provided by InstaForex Company - www.instaforex.com
