The USDX is currently forming a higher high pattern above the support level of 96.85 after another bullish momentum gained during Friday's session. The 200 SMA is slightly bullish on the H1 chart and we expect a rally to unfold towards the resistance level of 97.51 following a breakout in the zone of 97.16. If the index starts making pullbacks at a current stage, it could fall towards the level of 96.56 in a corrective bias. The MACD is still at the positive territory.
H1 chart's resistance levels: 97.16 / 97.51
H1 chart's support levels: 96.85 / 96.56
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 97.16, take profit is at 97.51, and stop loss is at 96.81.
