There is a bearish consolidation underway in the US Dollar Index, which is currently finding dynamic resistance in the 200 SMA at the H1 chart. The index also remains supported by the 93.30 level, which is helping to cap further bearish advance and it should provide a strong support in order to rally towards the 94.09 level.
H1 chart's resistance levels: 94.09 / 94.85
H1 chart's support levels: 93.30 / 92.83
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 93.30, take profit is at 92.83 and stop loss is at 93.76.
The material has been provided by InstaForex Company - www.instaforex.com
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