The index was favored by the US NFP numbers of July and the structure is now turning sideways, as USDX is hovering around the 200 SMA zone at H1 chart. To see further advances, the index needs to break above the 93.49 level in order to test the key psychological level of 94.00. To the downside, the nearest support is placed at 92.80.
H1 chart’s resistance levels: 93.49 / 94.00
H1 chart’s support levels: 92.80 / 92.29
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 92.80, take profit is at 92.29 and stop loss is at 93.31.
The material has been provided by InstaForex Company – www.instaforex.com