On the daily chart, the USDX has finally managed to consolidate above the support level of 87.35, reaching record levels that had not been visited for several months now. Because of this strong bullish trend, the USDX could form another bullish pattern for the next week. The MACD indicator is supporting our bullish outlook, although the USDX is overbought.
H4 chart's resistance levels: 88.65 / 90.15
H4chart's support levels: 87.93 / 87.35
The USDX successfully conducted a rebound on the support level of 87.28, so this instrument has consolidated above the 87.86 level. The resistance level of 88.15 is very strong, although the USDX has much potential to reach at least up to the level of 88.43.
H1 chart's resistance levels: 88.15 / 88.43
H1 chart's support levels: 87.86 / 87.58
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 88.15, take profit is at 88.43, and stop loss is at 87.86.
