On the H1 chart, the USDX is performing a dynamic rebound above the level of 96.80 with a strong focus on performing a rally to the level of 97.36. However, if the index achieves in breaking the support level of 96.80, then we can expect a bearish continuation towards the level of 96.40, which is our short-term target. The MACD indicator is still in the negative territory, supporting a bearish idea.
H1 chart's resistance levels: 97.36 / 97.77
H1 chart's support levels: 96.80 / 96.40
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 seen at 96.80, take profit is at 96.40, and stop loss is at 97.20.
