Daily chart: The USDX continues falling and strengthening the current bearish bias. Now, it is very likely that the USDX will fall to the support level of 79.19. If the USDX does make a breakout at that level, it would be expected to fall to the level of 78.12. For now, the USDX remains below the 200-day moving average, so more bearish movements are expected. The MACD indicator is in negative territory.
H4 chart: The USDX is consolidating below the resistance level of 79.69 and now the USDX is falling toward the support level of 79.27. If the USDX does make a breakout at that level, it would be expected to fall to the level of 78.65. On the other hand, if the USDX makes a bullish rebound at current levels, it is expected to rise to the level of 79.69. The MACD indicator is in negative territory.
H1 chart: The USDX is forming a bearish pattern below resistance level of 79.64. If the USDX manages to consolidate below the support level of 79.39, it's expected to fall to the level of 79.13. On the other hand, if the USDX does make a breakout on the resistance level of 79.64, it's expected to rise to the level of 79.88. The MACD indicator is in negative 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 79.39, take profit is at 79.13, and stop loss is at 79.64.
The material has been provided by InstaForex Company - www.instaforex.com
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