The USDX is still alive in the bullish outlook on the daily chart, because the instrument stays above the support level of 99.19, trying to push higher until the resistance level of 100.49. If the pair breaks that zone, the next target will be set at the level of 101.60. It should be noted that the MACD indicator is already at the overbought territory.
The sideways trend continues to dominate the main bias on the H1 chart, as the USDX is trading in a range between the 100.01 and 99.13 levels. Also, the 200 SMA is trying to approach the support zone of 99.13, where the USDX could find dynamic support in order to do more rallies for reach new multi year highs.
Daily chart's resistance levels: 100.49 / 101.60
Dailychart's support levels: 99.19 / 98.01
H1 chart's resistance levels: 100.01 / 100.88
H1 chart's support levels: 99.13 / 97.93
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 100.01, take profit is at 100.88, and stop loss is at 99.13.
The material has been provided by InstaForex Company - www.instaforex.com
