Daily chart: The USDX continues to fall below the resistance at the 80.11 level, and it is now expected to form a higher low pattern to extend its decline to the support at the 79.63 level. However, we should remember that at the current levels, the USDX usually finds strong support, so we should be cautious. If the USDX manages to break the support level of 79.19, it would be expected to drop to the level of 78.12. The MACD indicator is in extreme overbought zone and entering negative territory.
H4 chart: The USDX is trying to break the support level at 79.63, with the formation of a higher low pattern. If the USDX manages to break that level, it is expected to fall to the level of 79.15. On the other hand, if the USDX makes a bullish rebound at current levels, it would be expected to rise to the level of 80.06, where a bearish trendline is placed. The MACD indicator is entering extremely oversold zone and in neutral territory.
H1 chart: The USDX has found strong resistance at the 79.64 level. It is very likely that the USDX conducts a bearish rebound at current levels and falls to the support at the 79.39 level. If the USDX manages to break this support level, it would be expected to fall to the level of 79.13. For now, the USDX is moving in a low range, so we should be alert to any change in the trend. The MACD indicator remains in positive territory.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX Index breaks a bearish candlestick; the support level is at 79.39, take profit is at 79.13, and stop loss is at 79.64.
