Daily chart: The USDX has managed to climb to the 200 SMA and has made a slight bearish rebound due to corrective movements that occur when there is a bullish movement as upright. If the USDX manages to consolidate above this level, it would be expected to rise to the level of 81.50. On the other hand, if the USDX makes a bearish rebound, it would be expected to fall back to the level of 80.62. The MACD indicator is still in positive territory.
H4 chart: The USDX has found resistance near the level of 80.99, where it formed a fractal. It is very likely that the USDX to fall to the level of 80.83. However, if the USDX manages to break the 80.99 level, it is expected to rise to the level of 81.29. On the other hand, if the USDX manages to break the support level of 80.83, it would open the way for a fall to 200 SMA. The MACD indicator is entering extremely overbought zone.
H1 chart: The USDX is trying to consolidate above the 200 SMA, considering that the USDX has found resistance at the level of 81.09, where it has formed a double top. If the USDX manages to break the support level of 80.93, it's expected to fall to the level of 80.73. On the other hand, if the USDX manages to break the resistance at the 81.09 level, it is expected to rise to the level of 81.40.
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 81.14.В
