USDX is looking to re-test the support level of 94.35, after the
Index has been rallying for several days. However, bear in mind
that the correction could be extended, and eventually the price could reach
the 200 SMA on the H1 chart in order to gain momentum. Otherwise, if
USDX does a breakout of the May 11th lows, then it could invalidate
the proposed bullish outlook.
H1 chart’s resistance
levels: 94.61 / 94.81
H1 chart’s support levels: 94.35
/ 94.06
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
94.61,
take profit is at
94.81,
and stop loss is at 94.41.
The material has been provided by InstaForex Company – www.instaforex.com
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