Daily chart: The USDX is trying to break the resistance at the 84.29 level. Near that level, the USDX is forming a lower high pattern. If the USDX definitely manages to break this level, it is expected to rise to the level of 85.18. However, this week it is very possible that the movements performed USDX low range and further develop this bullish pattern, otherwise, it is expected to fall to support at the 83.74 level. The MACD indicator is in extreme overbought and showing some weakness in the current bullish trend, so the USDX could make corrective movements during the next few hours.
H4 chart: The USDX continues forming a lower high pattern, below resistance at 84.50 and below the bullish trendline close by. If the USDX fails to make a bearish rebound at these levels, it is seen to fall to the level of 83.49. On the other hand, if the USDX manages to break the resistance level of 8450, it is likely to drop to the level of 85.70, where a bullish trend line closely. The USDX remains above the 200 day moving average and the MACD indicator is in overbought extreme and negative territory.
H1 chart: The USDX found strong resistance at the 84.60 level and this dropped to support at the 84.18 level. If the USDX manages to break the resistance at the 84.17 level, it is expected to rise to the level of 84.60, where the Point of Control (POC). Furthermore, if the USDX achieves in breaking the support level of 84.18, it's expected to drop to the level of 8403. The MACD indicator is in neutral territory, so that the trend is not quite clear on the USDX and therefore, we should wait for the break of these levels to make good decisions for intraday trading.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX Index breaks with a bullish candlestick, the resistance level is at 84.37, take profit is at 84.60, and stop loss is at 84.15.
