Trading Signal for USDX for September 29 - 30, 2021: Key Level 93.75 (6/8 and 8/8)

The weekly chart of USDX is showing that it has reached a key level of resistance at the 6/8 Murray line (93.75). The first rejection was on August 15 and the second touch was on 28 September. Given that it is a strong resistance, it is probable that below this level there will be a downward correction in the short term.

In the chart below, we can see in a circle the double top that USDX has formed. If it does not manage to consolidate above 93.75, a technical correction is expected that will be taken advantage of the euro, the pound sterling, and all crosses against the US dollar.

The weekly 200 EMA is located at 94.05. This level will be the next barrier. A sharp break above this moving average will be the beginning of a new bullish wave. The US dollar index could reach 96.85 (7/8), sending the euro to the level of 1.14.

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The material has been provided by InstaForex Company - www.instaforex.com

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