The index once again is looking to trade lower as it’s challenging
the support level of 100.00. If we see a breakout lower around that
area, we can expect another decline towards 98.98. The dynamic
resistance offered by the 200 SMA at H1 chart remains intact and as
long as USDX continues to trade below that moving average, a
consolidation below the 100.00 handle for the short-term is likely to
happen.
H1 chart’s resistance
levels: 101.43 / 102.39
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
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