The USDX is trying to consolidate below the 200 SMA in the H1 chart after a strong rejection around the zone of 99.75. Currently, it should be noted that the inflection area of 98.87 can produce a rebound and eventually, the index can resume the upside towards the zone around 100.00. However, if the USDX breaks the January 20 session's lows, then a downside could be developing towards the level of 98.45.
H1 chart's resistance levels: 99.23 / 99.43
H1 chart's support levels: 98.99 / 98.69
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX breaks with a bullish candlestick; the resistance level is seen at 99.23, take profit is at 99.43, and stop loss is at 99.03.
The material has been provided by InstaForex Company - www.instaforex.com