The Index remains solid in the current bearish bias, as it could reach the support zone around 96.30. By the way, the bullish risk is still there on the daily chart, because the USDX is still on an overall bullish consolidation above the 200 SMA. In the short term, if bulls are enough strong, the index is expected to rise to the resistance level at 97.83.
On the H1 chart, the USDX continues to look for solid floor at the support level of 96.83. The bearish outlook is still solid in the lower timeframe, as the index is still trading below the 200 SMA, which should act as strong dynamic resistance. We could see bullish moves until the resistance level of 97.52 during this week.
Daily chart's resistance levels: 97.83 / 99.94
Dailychart's support levels: 96.30 / 95.00
H1 chart's resistance levels: 97.18 / 97.52
H1 chart's support levels: 96.83 / 96.34
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 96.83, take profit is at 96.34, and stop loss is at 97.32.
