In the daily chart, there is still a battle between bulls and bears because the support level of 93.95 is very strong and the index is trying to break the resistance level of 95.00 to rally towards the resistance zone of 96.30.. If that move happens, it would be expected to reach new highs in the medium term, as the USDX is having a bullish momentum.
There is still a dynamic resistance in the H1 chart, because the USDX is trading very close and below the zone where the 200 SMA (95.34) is located . Currently, we want to see some sideways consolidation before some significant move. All indicates that the bullish side has high odds to become successful in the current outlook.
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 94.70, take profit is at 93.85, and stop loss is at 95.56.
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Uitgevoerd door, Analytische expert
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