USDX
The index moved to 2-month high and it is facing strong resistance at 50-week SMA 80.74, once breaking above the 50-week SMA, it will enter a new phase for 81, 81.30-81.40, 82 and 84 levels. On the down side, the index has strong support at 80.35, below this, 80.20 and 79.90 is the next support levels.
In the daily ad H4 charts, the RSI and Stochastics favor sell side indicating the overbought levels. We expect the index will pause its rally and keep correction mode up to 80.40 and 80 levels. Positional traders please wait for a healthy correction to enter in a dip for bigger targets.
For purely speculators, sell with sl 80.75 and targets at 80.50, 80.42, 80.39, 80.31 and 80.17, maybe even 80.06 and 79.88 levels.
USD/JPY
The pair gave an upside break out from the descending trading pattern and closed above the 50-day SMA. In yesterday's trading session, the pair was paused its rally at 50.0 fib level and as of now, the pair is unable to cross the previous day high at 102.48 level above this, it can fly up to 102.66, 102.78 and 102.85 levels. On the down side, 102.20 is the strong support level below this, the pair looks weak.
For intraday perspective, we expect the pair will take the back seat for the next couple of hours (correction) for 102.14, 102.05, 101.90 levels.
USD/CHF
The pair prepared a base at 0.87 levels and moved towards the resistance levels at daily 50-day SMA and 200-day EMA. For the last couple of times, we recommended to go short with sl 0.90 levels. The daily RSI favors sell side. If a day close above the 0.90 levels, it will move up to 0.9010, 0.9040, 0.905 and 0.9082 levels. If it does not cross 0.90, it will fall to 0.8930, 0.8898 and 0.8860 levels.
For intraday purpose, the pair has an important support at 0.8960 levels.
