Daily chart: The USDX is trying to break the support at the 82.51 level, to approach the 200-day moving average near the support at the 81.50 level. Now, the USDX is forming a higher low pattern and if the USDX fails to make a bullish rebound at current levels, it would be expected to rise to the level of 83.22. The MACD indicator is in negative territory and still shows a lot of strength in the current bearish trend. Recall that in the long term trend remains bullish, while the USDX remains above the 200-day moving average.
H4 chart: The USDX remains below the 200-day moving average, but this is not yet definite, since the USDX needs to break the support at the 82.15 level to drop to the next level of 81.72. On the other hand, if the USDX manages to break the resistance 83.17 level, it would be expected to rise to the level of 83.30. While the USDX remains within this range, it would be best not to place orders, because there is no clear trend. The MACD indicator is moving into positive territory, however, this could go into neutral territory in the coming hours.
H1 chart: The USDX has no definite trend and now, it is advisable to place orders at that. However, if the USDX breaks the support level of 82.50, it is expected to drop to the level of 82.32. On the other hand, if the USDX manages to break the resistance at 82.97 level, it would be expected to rise to the level of 83.27, above the SMA 200. The MACD indicator remains in positive territory, but it is very possible that this changes to negative territory, which could favor the USDX's current bearish trend.
Fundamental outlook: For the today's session, the Unemployment Claims (Previous: 344K / Forecast: 360K) will be published at 12:30 GMT. Also, Fed Chairman's Ben Bernanke testifies and will be published the Philly Fed Manufacturing Index (Previous: 12.5 / Forecast: 8.5) at 14:00 GMT in the United States.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX Index breaks with a bearish candlestick, the support level is at 1.5119, take profit is at 1.5074, and stop loss is at 1.5163.
