The USDX could start to form a bullish pattern (higher high) above the support level of 95.83, where we should expect bullish continuation towards the level of 96.64 . The current price action is still favoring bulls on a mid-term basis, so the Index could reach the level of 97.08 after a breakout of the resistance mentioned above.
In the H1 chart, the USDX is currently moving in a bullish trend, which could be extended more above the 200 SMA. That is why there is a higher high pattern formed below the resistance level of 96.09. If a breakout takes place over there, the USDX will test the level of 96.39 in the coming hours at least. The MACD indicator is entering the negative territory.
Daily chart's resistance levels: 96.64 / 97.08
Daily chart's support levels: 95.83 / 95.26
H1 chart's resistance levels: 96.08 / 96.39
H1 chart's support levels: 95.68 / 95.33
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level is seen at 96.08, take profit is at 96.39, and stop loss is at 95.77.
