Daily chart: USDX has had a slight fall below the resistance level of 80.62. It is very likely that USDX will make a bullish rebound at current levels and rise again to the resistance level of 80.62. However, we must bear in mind that this may be forming a bearish pattern and if so, it will be expected to fall to the level of 80.11. The MACD indicator is still in positive territory.
H4 chart: USDX has found support at the 200 SMA and there it formed a fractal, which could indicate a change in trend, so USDX could climb to the resistance level of 80.65. On the other hand, if the USDX manages to break the bearish trend line near the 200-day moving average, it is expected to fall to the level of 80.25. The MACD indicator is still in negative territory.
H1 chart: USDX made a bullish rebound above the 200 SMA and the support level of 80.35, so we must be aware of that level, as this has been quite strong in this chart. If USDX manages to break the resistance level of 80.59, it is expected to rise to the level of 80.73. Furthermore, if USDX achieves the support level of 80.35, it is expected to fall to the level of 80.15. The MACD indicator is still in positive territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks a bullish candlestick; the resistance level is at 80.59, take profit is at 80.73, and stop loss is at 80.45.
