The index managed to give up some of its gains below the 200 SMA on the H1 chart, pointing now to the support level of 93.12. A rebound could happen over there in order to resume the bullish bias, with the closest resistance lying at 93.74. However, as long as USDX stays below the 200 SMA, we could expect further weakness toward the 92.30 level.
H1 chart's resistance levels: 93.74 / 94.29
H1 chart's support levels: 93.12 / 92.30
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bearish candlestick; the support level is at 93.74, take profit is at 94.29 and stop loss is at 93.20.
