USDX is looking to re-test the support level of 94.35, after the Index has been rallying for several days. However, bear in mind that the correction could be extended, and eventually the price could reach the 200 SMA on the H1 chart in order to gain momentum. Otherwise, if USDX does a breakout of the May 11th lows, then it could invalidate the proposed bullish outlook.
H1 chart's resistance levels: 94.61 / 94.81
H1 chart's support levels: 94.35 / 94.06
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 94.61, take profit is at 94.81, and stop loss is at 94.41.
