Daily chart: The USDX remains below the resistance level of 80.11 and for now, the USDX is trying to make corrective movements in favor of the bullish bias. However, this could always change as the USDX make a breakout at the support level of 79.50. On the other hand, if the USDX does make a breakout at the level of 80.11, it's expected to rise to the level of 80.62. The MACD indicator is in neutral territory.
H4 chart: The USDX remains below the 200 SMA and the resistance level of 79.93. The bearish outlook could stay alive during this week, as the USDX continues to encounter resistance at the 200 SMA. If the bearish road continues, the USDX could fall to the support level of 79.33. The MACD indicator is in neutral territory.
H1 chart: The USDX is trying to consolidate above the resistance level of 79.88. However, the bearish bias remains in the USDX, so that the next target would be the support level of 79.64. If the USDX does make a breakout on the resistance level of 79.88, it's expected to rise to the level of 80.15. The MACD indicator is 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 79.64, take profit is at 79.39, and stop loss is at 79.90.
The material has been provided by InstaForex Company - www.instaforex.com
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