The USDX had a bullish momentum during yesterday's session, because the index is currently trading above the support level of 93.95 looking to reach the psycological zone of 95.00 in the medium term.. We should take this move as corrective, because the USDX has been trading lower for several weeks.
The short-term outlook is advising a possible bullish consolidation above the 200 SMA om the H1 chart. We can observe a higher high pattern above the support level of 93.85 now. If the USDX breaks the resistance level of 94.70, it would be expected to rise until 95.18, a high which hasn't been visited for two weeks. The MACD indicator is in the overbought territory.
Daily chart's resistance levels: 95.00 / 95.74
Dailychart's support levels: 93.95 / 92.64
H1 chart's resistance levels: 94.70 / 95.18
H1 chart's support levels: 93.85 / 93.07
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 93.85, take profit is at 93.07, and stop loss is at 94.63.
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