Our bearish outlook is now getting stronger on the daily chart as corrective moves continue to take in place on this time frame. The nearest support level is located at the zone of 95.53. That territory could offer some kind of buying zone in order to ride the overall bullish trend in the medium and long term. Currently, the MACD indicator is at negative territory.
On the H1 chart the bearish bias is very clear and now the USDX is trying to break the support level of 96.24. It seems that the instrument is very strong in the current trend and, probably, it doesn't form a solid lower low pattern. For now, while the USDX stays below the 200 SMA, we could look only for intraday short trades.
Daily chart's resistance levels: 96.60 / 98.01
Dailychart's support levels: 95.53 / 93.89
H1 chart's resistance levels: 96.63 / 97.19
H1 chart's support levels: 96.24 / 95.87
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 96.24, take profit is at 95.87, and stop loss is at 96.62.
The material has been provided by InstaForex Company - www.instaforex.com
