USDX is doing a retracement from the psychological level of 94.00 and it’s expected to fall towards the 200 SMA, at which the index could gain some kind of momentum in order to ride the bullish trend. If that happens, the next critical level lies at 94.37. To the downside, if the index manages to break below 93.40, then it will be able to test the 92.70 level.
H1 chart’s resistance levels: 94.00 / 94.37
H1 chart’s support levels: 93.40 / 92.70
Trading recommendations for today: Based on the H1 chart, place buy (sell) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 94.00, take profit is at 94.37 and stop loss is at 93.73.
The material has been provided by InstaForex Company – www.instaforex.com