USDX| Navigating Support and Resistance Levels
Today, the key question is whether the USDX will hold onto short-term support at 106.06 and strive to test resistance. Alternatively, are we observing a descending triangle price action that will eventually result in a new breakout lower, signalling a continuation of the overall downtrend?
Today’s focus: USDX
Pattern – Minor Support.
Support – 102.06
Resistance – 102.52
Traders are closely monitoring this week’s CPI data, as its impact on Fed members will depend on the incoming figures. In the meantime, we will continue to observe buyers near the 102.06 support.
US CPI data is scheduled for release this Friday at 12:30 am AEDT.
Good trading.
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