The USDX is about to form a kind of double bottom pattern on the H1 chart, the weak bias seems to remain alive as long as the index stays trading below the 200 SMA in this time frame. We can expect a bearish continuation towards the support level of 97.01. An overall structure favors this scenario, but we should remain cautious during this weak, because of the Fed's meeting.
H1 chart's resistance levels: 98.14 / 98.80
H1 chart's support levels: 97.60 / 97.01
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX breaks with a bearish candlestick; the support level is found at 97.60, take profit is at 97.01, and stop loss is at 98.21.
