On the daily chart, the USDX has been trading above the support level of 95.83, after rebound performed over there. However, we should expect some sideways moves at the end of this week. Also, the 200 SMA is turning into the neutral territory, as the MACD indicator is headed towards the same area.
A current short-term outlook is already calling for more upside room for the USDX, because the 200 SMA rejected sellers' price action. Also, we are still expecting a breakout above the level of 96.30, which should open the door to the level at 96.46 level. The MACD indicator is entering the neutral territory and the structure is turning into the bearish bias.
Daily chart's resistance levels: 96.38 / 96.91
Daily chart's support levels: 95.81 / 95.26
H1 chart's resistance levels: 96.30 / 96.46
H1 chart's support levels: 96.15 / 95.94
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 96.30, take profit is at 96.46, and stop loss is at 96.15.
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