Daily chart: As we said in the previous articles, the USDX found support near the 79.57 level. USDX is likely to climb to the resistance level at 80.11. However, this would only mean the formation of a higher low pattern to continue falling until the support at the level of 79.19. If the USDX manages to break that level, it is expected to fall to the level of 78.12. The MACD indicator is entering negative territory.
H4 chart: The USDX found support at the 79.63 level, but still this is forming a higher low pattern. If the USDX manages to break this support level, it would be expected to fall to the level of 79.15. On the other hand, USDX may do a bullish rebound and rise to the resistance level at 80.06. The bearish trend is very much alive in this chart and USDX is very likely to continue falling. The MACD indicator is in positive territory.
H1 chart: The USDX is maintained within the range between 79.88 and 79.64. The bearish trend is still alive in this chart, because the USDX remains below the 200-day moving average. If the USDX manages to break the support level at 79.64, it would be expected to drop to the level of 79.39. On the other hand, if the USDX manages to break the resistance at 79.88, it would be expected to rise to the level of 80.15. 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 79.64, take profit is at 79.39, and stop loss is at 79.90.
