Daily chart: The USDX remains above the support level of 79.19, but it should be noted that the USDX has formed a fractal on that level, so the USDX could rise again to the resistance level of 79.55. However, if the USDX does make a breakout at the support level of 79.19, it's expected to fall to the level of 78.70. The MACD indicator is in negative territory.
H4 chart: The USDX has had a bullish momentum above the support level of 79.07 and now the USDX is trying to consolidate above the resistance level of 79.27. If successful, it is expected to rise to the level of 79.33. On the other hand, if the USDX does make a breakout at the support level of 79.07, it is expected to strengthen more the current bearish bias in this pair. The MACD indicator is in positive territory.
H1 chart: The USDX has made a bullish rebound above the support level of 79.13. However, the USDX remains very strong in the current bearish trend. On the other hand, if the USDX does make a breakout on the resistance level of 79.39, it's expected to rise to the level of 79.64. The MACD indicator is in the overbought zone and entering 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 79.13, take profit is at 78.92, and stop loss is at 79.34.
The material has been provided by InstaForex Company - www.instaforex.com
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