The USDX is looking to stay supported by the level of 94.18 on the daily chart. Now, we could expect a rebound on this important zone, as we saw during the latest days the strength that is showing the support level mentioned above. One would expect a breakout at that level with a bearish target at the level of 93.02, but the main bias is still bullish.
On the H1 chart, the USDX had a quite bearish day during the session on Wednesday, as the instrument is trying to form a lower low pattern in order to reach the support level of 94.02. If the USDX makes a breakout in that zone, it's expected to fall to the level of 93.87. Currently, we are keeping a sideways outlook on this instrument.
Daily chart's resistance levels: 95.45 / 96.96
Dailychart's support levels: 94.18 / 93.02
H1 chart's resistance levels: 94.38 / 94.87
H1 chart's support levels: 94.02 / 93.87
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 94.38, take profit is at 94.87, and stop loss is at 93.90.
The material has been provided by InstaForex Company - www.instaforex.com
