The USDX has no changes in the daily time frame, because the index is looking to test the support level of 97.57. If a breakout happens there, the USDX could fall until the level of 96.57. However, we are still expecting a rebound towards the resistance zone of 98.29.
On the H1 chart, the USDX found strong resistance at the level of 98.09 and now it is pulling back to the support level of 97.65, which is very close to the current location of the 200 SMA. However, a rebound at the current stage could happen and eventually the USDX could break the level of 98.09 and perform a rally towards the zone of 98.40.
Daily chart's resistance levels: 98.29 / 99.16
Daily chart's support levels: 97.57 / 96.57
H1 chart's resistance levels: 98.09 / 98.40
H1 chart's support levels: 97.65 / 97.12
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level is at 98.09, take profit is at 98.40, and stop loss is at 97.77.
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