Daily chart: The USDX continues forming a bullish pattern below resistance level of 80.11. However, it is very likely that the USDX will fall to the support level of 79.19 in the medium term because of the strength shown in the level of 80.11. However, if the USDX manages to consolidate above this level, it would be expected to rise to the level of 80.62. The MACD indicator is in positive territory.
H4 chart: The USDX keeps moving on a low range in the area where the 200-day moving average is located. Attention must be called before a breakout in the support level of 79.93 or the resistance level of 80.15, to make a trading decision in the USDX. The MACD indicator is still in negative territory.
H1 chart: The USDX found resistance near the 80.15 level. However, the USDX remains above the 200 SMA. Now, the USDX is trying to regain bullish bias. If the USDX does make a breakout on the resistance level of 80.15, it's expected to rise to the level of 80.35. The MACD indicator is in negative territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 80.15, take profit is at 80.35, and stop loss is at 79.95.
The material has been provided by InstaForex Company - www.instaforex.com
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