Daily chart: The USDX remains below the 200 SMA and this sideways movements could last for the rest of the week, although the USDX could take a fall below the resistance level of 80.11 toward to the support level of 79.19. On the other hand, if the USDX does make a breakout at the resistance level, it's expected to rise to the level of 80.62. The MACD indicator is in positive territory.
H4 chart: The USDX has made a bullish rebound above the support level of 79.93. If USDX is able to consolidate above the resistance level of 80.15, it's expected to rise to the level of 80.35, where the USDX may form a bullish pattern. On the other hand, if the USDX does make a breakout at the level of 79.60, it's expected to fall to the level of 79.33. The MACD indicator is in negative territory.
H1 chart: The USDX has consolidated above the 200 SMA, where the support level of 79.88, so it is very likely that the USDX rises to the resistance level of 80.15 in the coming hours. If the USDX does make a breakout at that level, it would be expected to rise to the level of 80.35. The MACD indicator is in positive territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 80.15, take profit is at 80.35, and stop loss is at 79.95.
The material has been provided by InstaForex Company - www.instaforex.com
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