The index has been rallying above the 200 SMA across the board and it's facing the resistance level of 94.00, which should act as a strong barrier for buyers. To the downside, the moving average needs to hold in order to allow further gains in USDX. However, if it breaks below that area, next target to face lies at 92.70.
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
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