Daily chart: The USDX continues forming a higher low pattern below the resistance level of 80.62. Now, the USDX is trying to make a breakout at that level, but the USDX has been very weak in the last few hours, so it is very likely to see falls below this level. However, if the USDX manages to consolidate above the level of 80.62, it is expected to rise to the level of 81.05. The MACD indicator is still in negative territory.
H4 chart: The USDX has formed 3 fractals above the 200 SMA, which is a clear indication that this level is serving as a strong resistance on the USDX. Now, the USDX is finding support on the bearish trend line near the level of 80.50. If the USDX manages to break the support level of 80.40, it is expected ti drop to the level of 80.09. The MACD indicator is entering extreme overbought zone.
H1 chart: The USDX has found strong resistance at the level of 80.73, where the 200 day moving average is located. Now the USDX is consolidate below the level of 80.59, so it is very likely to fall to the level of 80.35. If the USDX manages to break that level, it is expected to fall to the level of 80.15. On the other hand, if the USDX manages to break the resistance at the level of 80.59, it is expected to rise to the level of 80.73. The MACD indicator is in neutral territory.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX Index breaks with a bearish candlestick; the support level is at 80.35, take profit is at 80.15, and stop loss is at 80.55.
