Daily chart: The USDX has fallen to the support level of 80.62, after it has found dynamic resistance in 200 SMA near the level of 81.05. Now, the USDX is forming a higher low pattern. If the USDX managed to break the support level of 80.62, it's expected to fall to a level of 80.11 in the medium term and incidentally, the USDX could fill the bullish gap close to that level. The MACD indicator is entering extremely overbought zone.
H4 chart: The USDX is within two bearish trend lines near the 200 SMA and near the 80.50 level. If the USDX manages to break the support level of 80.40, it's expected to fall to the level of 80.09. However, one would expect that the USDX make a bullish rebound at the 200 SMA and rise above the bullish trend line, but this is not very likely, as the daily chart shows a lot of bearish force. The MACD indicator is still in negative territory.
H1 chart: The USDX is forming a higher low pattern below the 200 SMA and the resistance level of 80.73. If the USDX manages to break the support level of 80.59, it's expected to fall to the level of 80.35, which would be the beginning of a bearish trend in the medium term. On the other hand, if the USDX makes a bullish rebound at the current levels, it is expected to rise to the level of 80.73. The MACD indicator is entering extreme oversold zone.
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX Index breaks a bearish candlestick; the support level is at 80.59, take profit is at 80.35, and stop loss is at 80.83.В