The index is still finding demand over the support level of 98.83 and it remains confined within a narrow range below the 200 SMA at H1 chart. If that area gives up, then we can expect a decline to test the next target to the downside around 98.42. However, as the bearish gap hasn't been filled up yet, USDX can attempt a breakout above 99.28 to test the 100.00 psychological level.
H1 chart's resistance levels: 99.28 / 99.97
H1 chart's support levels: 98.83 / 98.42
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 98.83, take profit is at 98.42 and stop loss is at 99.24.
The material has been provided by InstaForex Company - www.instaforex.com
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