The index is finding support around 96.00, as the bears continue to keep pressure the greenback in the short-term. Once it manages to break below the 96.90 level, then we might see some declines to take place towards 96.25. However, if USDX does a consolidation above the 200 SMA at H1 chart, it can look for the 98.11 level.
H1 chart's resistance levels: 97.41 / 98.11
H1 chart's support levels: 96.90 / 96.25
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 96.90, take profit is at 96.25 and stop loss is at 97.56.
The material has been provided by InstaForex Company - www.instaforex.com
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