In the daily chart, the USDX continues trading with gains above the support zone of 95.74. Now, it's looking to do another rally towards the resistance level of 98.08, after a possible breakout around the level of 96.97. For now, we still want to see another bullish pattern formation before that rally mentioned above. the MACD indicator is at positive territory.
Our short-term outlook is still very bullish, because the Index tries to stay above the key support level at 96.46 and the immediate resistance remains located at the level of 97.16. If the USDX does a breakout in that zone, the next target would be at 97.60 in the days to come. The MACD indicator remains in the neutral territory.
Daily chart's resistance levels: 96.97 / 98.08
Daily chart's support levels: 95.74 / 95.00
H1 chart's resistance levels: 97.16 / 97.60
H1 chart's support levels: 96.90 / 96.46
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 97.16, take profit is at 97.60, and stop loss is at 96.71.
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