There is a higher high pattern formation above the 200 SMA on the H1 chart, but the resistance zone of 94.98 could push lower the index towards the support level of 94.61. A breakout below this level will expose 94.15 as the next key support level. A mid-term bullish trend should start when the USDX breaks higher above the resistance zone of 95.30. The MACD indicator is entering the negative territory.
H1 chart's resistance levels: 94.98 / 95.30
H1 chart's support levels: 94.61 / 94.15
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US dollar index breaks with a bearish candlestick; the support level is seen at 94.61, take profit is at 94.15, and stop loss is at 95.09.
The material has been provided by InstaForex Company - www.instaforex.com