Daily chart: The USDX has touched the support level of 80.62, so it is very likely that the USDX will start forming a bearish pattern for a breakout at that level. If successful, it is expected to fall to the level of 80.11. However, remember that this support level is very strong and could slow the USDX fall in the rest of the week, although the essential news could invalidate this hypothesis. The MACD indicator is in negative territory.
H4 chart: The USDX has consolidated below the 200-day moving average, but the support level of 80.55 is very strong in this chart, as the USDX formed a couple of fractals there. If the USDX manages to break the support level of 80.44, it's expected to fall to the level of 80.15. On the other hand, a bullish rebound at current levels could lead the USDX up to the 200 SMA. The MACD indicator is entering oversold area.
H1 chart: The USDX is maintained within the range between the 80.73 and 80.59 levels. At the level of 80.73, the USDX has formed a point of control, which would give strength to the curb level to the USDX bullish road for this week. If the USDX manages to break the support level of 80.59, it's expected to fall to the level of 80.35. The MACD indicator is still in positive territory.
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 80.59, take profit is at 80.35, and stop loss is at 80.83.
The material has been provided by InstaForex Company - www.instaforex.com
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