The USDX continues to trade sideways between the levels of 96.38 and 95.83, in an effort to move higher and perform a consolidation for further rallies. However, as we can see on the daily chart, there are still high chances to see pullbacks below the support level of 95.83, across the zone of 95.26. The MACD indicator is entering the neutral territory.
On the H1 chart, we saw a strong downtrend during the Friday session, and the index is still trying to ride the bullish bias above the 200 SMA again. Currently, a breakout above the resistance level of 96.15 aims to open the door to test the zone of 96.30. A breakout below the level of 95.38 will unleash the bearish force at least in the short and mid-term.
Daily chart's resistance levels: 96.38 / 96.91
Daily chart's support levels: 95.81 / 95.26
H1 chart's resistance levels: 96.15 / 96.30
H1 chart's support levels: 95.94 / 95.38
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 96.15, take profit is at 96.30, and stop loss is at 96.00.
