The USDX remains trapped above the support level of 94.40, which is showing some strength and pushing higher to the Index. Currently, a breakout above the 94.85 level cannot be discarded yet as the USDX may retest the 200 SMA before resuming the downside movements. However, our targets remain placed around the 93.95 level.
H1 chart's resistance levels: 94.85 / 95.12
H1 chart's support levels: 94.40 / 93.95
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 94.40; take profit is at 93.95; and stop loss is at 94.85.
The material has been provided by InstaForex Company - www.instaforex.com