The USDX is still alive in the bullish path above the support level of 95.83, and current resistance zone of 96.64 could produce a pullback. However, this corrective move should have a short duration, as the USDX is expected to test the resistance level of 97.23.
On the H1 chart, the USDX is forming a higher high pattern above the support level of 96.34 and we should see a test around the resistance level of 96.63. If a breakout happens over there, the index will rise to 97.03. The MACD indicator is entering the negative territory, and this would mean the USDX could perform corrective moves soon.
Daily chart's resistance levels: 96.64 / 97.23
Daily chart's support levels: 95.83 / 95.26
H1 chart's resistance levels: 96.63 / 97.03
H1 chart's support levels: 96.34 / 96.09
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 96.63, take profit is at 97.03, and stop loss is at 96.24.
The material has been provided by InstaForex Company - www.instaforex.com