The USDX continues to be dominated by the bullish bias above the support level of 95.83 and the mid-term structure is currently calling for more upside towards the zone around 96.91. However, a pullback should be expected at current levels, which could also push the index lower towards the support level of 95.83 again.
On the H1 chart, there is still a bullish consolidation in place above the 200 SMA and the support level of 96.15. Currently, a higher high pattern formation is observed on the chart and a breakout above the level of 96.35 will open doors to a test at the level of 96.15. However, a pullback at current levels should push the index lower towards at least 95.95.
Daily chart's resistance levels: 96.38 / 96.91
Daily chart's support levels: 95.81 / 95.26
H1 chart's resistance levels: 96.35 / 96.51
H1 chart's support levels: 96.15 / 95.94
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US Dollar Index breaks with a bearish candlestick; the support level is at 96.15, take profit is at 95.94, and stop loss is at 96.35.
