Daily chart: The USDX remains consolidated below the 200-day moving average, after the USDX has found strong resistance at the level of 80.62. Now, it is likely that the USDX will start forming a bearish pattern above the support level of 80.11. If the USDX does make a breakout at that level, it would be expected to fall to the level of 79.19. The MACD indicator is in negative territory.
H4 chart: The USDX remains below the resistance level of 80.34 and now the USDX is trying to make a breakout at the level of 80.24. If successful, it is expected to fall to the level of 80.09, which would open the way for the USDX to fall to the level of 79.93. The MACD indicator is oversold.
H1 chart: The USDX has found resistance at the 80.35 level, so far, the USDX is trying to make a breakout in the support level of 80.15. If successful, it is expected to fall to the level of 79.88. On the other hand, if the USDX does make a breakout at the level of 80.35, it's expected to rise to the level of 80.59. The MACD indicator is in positive territory.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 80.15, take profit is at 79.88, and stop loss is at 80.42.
