The USDX did a breakout at the level of 98.01 to the upside during the Monday session, and now it is looking to reach the resistance zone around 99.12. The current fractal structure is pointing to the upwards. In the last articles, we mentioned the idea about a considerable rebound taking in place at the support level of 96.60.
The bullish bias is now very clear in the H1 chart, as the USDX is doing a consolidation above the 200 SMA and the support level at 98.36. If the USDX breaks the resistance level at 98.77, it would open the way to reach the next resistance zone around 99.16. Now, the current price actions are all in favor of bulls, as the upward momentum is strong.
Daily chart's resistance levels: 99.12 / 100.35
Dailychart's support levels: 98.01 / 96.60
H1 chart's resistance levels: 98.77 / 99.16
H1 chart's support levels: 98.36 / 97.90
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 98.77, take profit is at 99.16, and stop loss is at 98.37.
The material has been provided by InstaForex Company - www.instaforex.com
