Daily chart: The USDX fell to a critical level, as the support level of 80.11 was quite strong and served as strong support for the USDX for several weeks. However, if the USDX does make a breakout at that level, it would be expected to fall to the level of 79.19. On the other hand, if the USDX does make a bullish rebound at current levels, it is expected to rise to the resistance level of 80.62. The MACD indicator is in negative territory.
H4 chart: The USDX continues to fall below the 200-day moving average as the USDX is trying to consolidate below the bullish trend line near the 80.20 level. If the USDX manages to break the support level of 80.09, it's expected to fall to the level of 79.81. On the other hand, it is very likely that the USDX will start making movements against the current trend. The MACD indicator is in negative territory.
H1 chart: The USDX opened this week with a little bearish gap below the resistance level of 80.15. It is very likely that the USDX extended its fall to the support level of 79.88. However, current levels could serve as strong support in the USDX, so we must be careful when placing sell orders for now. The MACD indicator is entering neutral 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 80.15, take profit is at 79.88, and stop loss is at 80.43.
The material has been provided by InstaForex Company - www.instaforex.com
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