USDX had a consolidation’s session during yesterday, as it remains hovering around the 101.00 area. The view for the short-term is still bullish, as the price action has been developing some patterns that help to strengthen the ground toward the north. When the index manages to break above 101.25, it could rally to reach the 101.62 level, while to the downside, USDX could find support around 100.75 and 100.43.
H1 chart’s resistance levels: 101.25 / 101.62
H1 chart’s support levels: 100.75 / 100.43
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 101.25, take profit is at 101.62 and stop loss is at 100.87.
The material has been provided by InstaForex Company – www.instaforex.com