Daily chart: The USDX has made a bullish rebound at the support level of 80.11. If the USDX can close the week above this level, it is expected to rise to resistance at 80.62 level in the coming days. On the other hand, if the USDX manages to consolidate below that level, it is likely another week begins with the development of a higher low pattern. The MACD indicator is still in negative territory.
H4 chart: The USDX has been back above the 80.08 level, so it is very likely that it will rise to the level of 80.49, where the 200-day moving average is located. However, we must remember that the U.S. dollar has been very weak in recent days, so these bullish movements could be just a correction in the general trend of the USDX. The MACD indicator is still in positive territory.
H1 chart: The USDX found dynamic resistance at 200 SMA above the support level of 80.15. It should be noted that the USDX formed two fractals near the 200 SMA. If the USDX manages to break the support level of 80.15, it is expected to fall to the level of 79.88, which would strengthen the overall bearish trend of the USDX. On the other hand, if the USDX manages to break the resistance at the 80.35 level, it is expected to rise to the level of 80.59, which would usher in a strong bullish trend in the short term. The MACD indicator is in extremely overbought zone and entering negative territory.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX breaks a bearish candlestick; the support level is at 80.15, take profit is at 79.88, and stop loss is at 80.42.
