On the H1 chart, the USDX had a very bearish reaction after the ECB meeting and that is why we can currently observe a sharp drop towards the support level of 97.60, where a temporal bottom is found. However, we can expect a corrective move until the resistance zone of 98.80 in which a breakout could open the doors to test the level of 99.25. The MACD indicator is reaching oversold conditions.
H1 chart's resistance levels: 98.80 / 99.25
H1 chart's support levels: 97.60 / 97.01
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX breaks with a bullish candlestick; the resistance level is seen at 98.80, take profit is at 99.25, and stop loss is at 98.34.
