USDX still rides the bullish structure above the 200 SMA at H1 chart, looking for the resistance level of 101.43. If the index manages to break such barrier, then further gains toward 102.39 are expected to happen. On the other hand, with a pullback to test the 100.00 handle, the index could be looking to consolidate below the 200 SMA and MACD indicator is favoring that scenario.
H1 chart's resistance levels: 101.43 / 102.38
H1 chart's support levels: 100.01 / 98.98
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 100.01, take profit is at 98.98 and stop loss is at 101.03.
The material has been provided by InstaForex Company - www.instaforex.com