Daily chart: The USDX made a bullish rebound near support at the 80.62 level. However, this could be the formation of a higher low pattern to continue falling. On the other hand, if the USDX manages to break the resistance at 81.20 level, it would be expected to rise to the level of 81.50. However, if the USDX breaks the support level of 80.62, it is expected to drop to the level of 80.11. The MACD indicator is entering extremely overbought area.
H4 chart: The USDX had no significant changes in relation to H4 chart, because this support found at bullish trend line close to the level of 80.94. USDX is likely to rise again to the level of 81.35. Furthermore, if the USDX achieves in breaking the support level of 80.87, it is expected to drop to the level of 80.75. The MACD indicator is entering extremely oversold zone and in neutral territory.
H1 chart: The USDX found dynamic support at the 200-day moving average and now, the USDX is trying to consolidate in the range between the 81.09 and 80.93 levels. If the USDX manages to break the resistance at the 81.09 level, it is expected to rise to the level of 81.40. Furthermore, if the USDX achieves in breaking the support level of 80.93, it is expected to drop to the level of 80.73, below the SMA 200. The MACD indicator remains in neutral 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 80.93, take profit is at 80.73, and stop loss is at 81.13.
