At the daily chart, the USDX been shown to have much strength at the opening of the year and that this instrument remains solid even above the support level of 90.40. The next objective in the long term would be the resistance level of 93.44, which could be reached in the coming weeks, although most probably the USDX begins to form various patterns bullish.
Dailychart's resistance levels: 93.44 / 96.59
Daily chart's support levels: 90.40 / 88.63
The USDX remains very strong in the current bullish bias, because in the H1 chart, we can see that this instrument opened the week with a bullish gap above the support level of 91.24, in an attempt to reach the resistance level of 91.66. If the USDX manages to make a breakout at that level, the next target would be the resistance level of 92.08. The MACD indicator remains in positive territory.
H1 chart's resistance levels: 91.66 / 92.08
H1 chart's support levels: 91.24 / 90.74
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 91.66, take profit is at 92.08, and stop loss is at 91.23.
