USDX is still hovering at the 200 SMA zone in the H1 chart. It seems that bullish formations could start to happen soon in the index, as long as it remains above the moving average. However, the risk is still to the downside and if the US Dollar Index manages to do a pullback at the current stage, then it could test the support level of 92.80.
H1 chart's resistance levels: 93.49 / 94.00
H1 chart's support levels: 92.80 / 92.29
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 92.80, take profit is at 92.29 and stop loss is at 93.31.
The material has been provided by InstaForex Company - www.instaforex.com