The daily chart shows us a decisive formation of the USDX's future trend. As we stated in the last article, the support level at 96.60 could produce a strong rebound on this instrument and eventually, the USDX could resume the bullish bias and also, to perform rallies towards the resistance zone around 98.01. This could be done, as the MACD indicator in a negative territory is starting to show magenta-color levels.
The USDX recovered from losses during yesterday's session and now. It faced the resistance level at 97.90. Early today, the USDX found strong resistance in that zone and did a pullback that could make it to test the support level at 97.19. If the USDX does a breakout to that level, it could reach the support zone around 96.63.
Daily chart's resistance levels: 98.01 / 99.12
Dailychart's support levels: 96.60 / 95.53
H1 chart's resistance levels: 97.90 / 98.36
H1 chart's support levels: 97.19 / 96.63
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 97.19, take profit is at 96.63, and stop loss is at 97.72.
The material has been provided by InstaForex Company - www.instaforex.com
