USDX is still hovering in sideways and waiting for a major catalyst to define a clear trend on a short-term basis. If the index manages to break the resistance level of 95.49, then it can rally towards the 95.79 level, but still, will remain trapped in that narrow range mentioned. To strengthen the bearish bias, the index should break the support level of 95.00.
H1 chart’s resistance levels: 95.49 / 95.79
H1 chart’s support levels: 95.01 / 94.61
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 95.49, take profit is at 95.79 and stop loss is at 95.19.
The material has been provided by InstaForex Company – www.instaforex.com
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