USDX is getting trapped below the resistance level of 99.08, as the bullish structure is still strengthening. If the index manages to breakout above that zone, then we can expect an advance towards the 99.57 level, as the ground is getting prepared to test the next key interest area of 100.00. However, if the index breaks the last Friday's lows, it can decline to test the 200 SMA, around 98.07.
H1 chart's resistance levels: 99.08 / 99.57
H1 chart's support levels: 98.65 / 98.00
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 99.08, take profit is at 99.57 and stop loss is at 98.60.
The material has been provided by InstaForex Company - www.instaforex.com