Daily chart: The USDX continues focusing efforts on making a breakout at the resistance level of 80.62. Recall that this level is quite important in the development of the general trend of the USDX, as this has encountered strong resistance at that level in the last weeks of 2013. If the USDX manages to break that level, it is expected to rise to resistance level of 81.50 in the long term. On the other hand, USDX is very likely to make a bearish rebound at current levels and fall to the level of 80.11 to fill the bullish gap. The MACD indicator is still in the positive territory.
H4 chart: The USDX is forming a bullish pattern below the bearish trend line near the level of 80.65. If the USDX manages to break the resistance level of 80.93, it is expected to rise to the level of 80.94. However, it is very likely that the USDX will start making slow movements above the support level of 80.49, which is very close to the 200 SMA. The MACD indicator is still in the positive territory.
H1 chart: The USDX continues to form the lower high pattern above the support level of 80.59. Now, wait for the USDX to try performing a breakout at the resistance level of 80.73. Furthermore, if the USDX breaks the support level of 80.59, it's expected to fall to the level of 80.35. The MACD indicator is still in the negative territory.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX Index breaks a bullish candlestick; the resistance level is at 80.73, take profit is at 80.93, and stop loss is at 80.52.
