Daily chart: The USDX remains strong in the fall below the resistance level of 80.11, so the next target still is the support level of 79.19. For now, it is advisable to keep the sell orders in the USDX, due to weakness shown by the strong U.S. dollar in recent days. The MACD indicator is in negative territory.
H4 chart: The USDX remains below the 200 SMA and the USDX is now trying to form a bearish pattern below resistance level of 79.93. If the USDX does make a breakout at the level of 79.75, it's expected to fall to the level of 79.33. The MACD indicator is in negative territory.
H1 chart: The USDX is trying to form a higher low pattern below resistance level of 79.88. If the USDX does make a breakout at the support level of 79.64, it's expected to fall to the level of 79.39, that could accelerate future falls in the USDX. The MACD indicator is oversold.
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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