The index had a strong sell-off during yesterday ahead of FOMC interest rate decision, while it’s trying to find a support at the 97.62 level. If USDX manages to break lower that zone, then we can expect further weakness towards the 97.12 level, where buyers could appear again. However, the risk remains to the downside and any rebounds may be capped by the 98.00 psychological level.
H1 chart’s resistance levels: 98.01 / 98.53
H1 chart’s support levels: 97.62 / 97.12
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 98.01, take profit is at 98.53 and stop loss is at 97.50.
The material has been provided by InstaForex Company – www.instaforex.com
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