Daily chart: The USDX has formed a fractal near to the 79.55 level. If the USDX manages to consolidate below the support level of 79.45, it's expected to fall to the level of 79.19. However, it is advisable to wait for the USDX to make a breakout on the resistance level of 80.11 or the support level of 79.19. The MACD indicator is in neutral territory.
H4 chart: The USDX has been strengthened again over the bearish trend line that is near to the 79.50 level. If the USDX does make a breakout and the resistance level of 79.93, it's expected to rise to the level of 80.09. On the other hand, if the USDX does make a bearish rebound at current levels, it is likely to fall to the level of 79.55. The MACD indicator is positive.
H1 chart: The USDX is moving in a low range above the 200 SMA. However, the USDX could find resistance at the 200 SMA and fall to the support level of 79.64. If the USDX manages to consolidate below this level, is is seen to fall to the level of 79.39. 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 79.64, 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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