Daily chart: The USDX is forming a higher low pattern below the 79.80 level. If the USDX does make a breakout at the support level of 79.45, it's expected to fall to the level of 79.19. Howeve, it is expected to rise to the level of 79.85 if the USDX makes a bullish rebound at the current levels. The MACD indicator is in negative territory.
H4 chart: The USDX is trying to do a consolidation above the bearish trend line. However, the USDX is forming a higher low pattern, so it is very likely that the USDX will fall to the support level of 79.35 in the coming hours. The MACD indicator is in the oversold zone and into neutral territory.
H1 chart: The USDX has made a bullish rebound above the support level of 79.39. For now, the USDX is maintained within a low range below the resistance level of 79.64, so caution is advised when placing orders within this range. If the USDX does make a breakout at the resistance level, it's expected to rise to the level of 79.88. 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 79.39, 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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