Daily chart: The USDX is forming a higher low pattern near the 79.80 level. If the USDX manages to consolidate below the support level of 79.45, it's expected to fall to the level of 79.19. If the USDX does make a breakout at that level, it would be expected to fall to the level of 78.12. On the other hand, if the USDX manages to consolidate above the resistance level of 80.11, it's expected to rise to the level of 80.62. The MACD indicator is in negative territory.
H4 chart: The USDX is maintained within the range between the 79.81 and 79.69 levels. If the USDX manages to consolidate below the support level of 79.69, it's expected to fall to a level close to 79.00 in the medium term. The bearish outlook is kept alive in the USDX, but we must be cautious against any trend change. The MACD indicator is still in positive territory.
H1 chart: USDX is approaching the 200-day moving average, but it is very likely that the USDX will find resistance at the 79.88 level. If the USDX makes a bearish rebound at that level, it would be expected to fall to the level of 79.64. If the USDX manages to consolidate below this level, it would be expected to fall to the level of 79.39. The MACD indicator is in 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 79.64, take profit is at 79.39, and stop loss is at 79.89.
The material has been provided by InstaForex Company - www.instaforex.com
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