Daily chart: The USDX has fallen to the 200 SMA, where probably the USDX is trying a breakout to continue falling toward the support level of 80.11. However, it is expected to rise to the resistance level of 80.62 if the USDX makes a bullish rebound to the current levels. The MACD indicator is in negative territory.
H4 chart: The USDX has made a breakout at the 80.60 level and now the USDX is falling, so it is very likely that it will touch the support level of 80.34 in the coming hours. However, if the USDX does make a breakout on the resistance level of 80.60, it's expected to rise to the level of 81.02. The MACD indicator is in negative territory.
H1 chart: The USDX has found resistance at the 200 SMA and the 80.59 level, so far, the USDX is trying to make a breakout at the support level of 80.35. If successful, it is expected to fall to the level of 80.15. The MACD indicator is entering oversold territory and stays neutral.
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 80.35, take profit is at 80.15, and stop loss is at 80.54.
The material has been provided by InstaForex Company - www.instaforex.com
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