The USDX is still doing pullbacks below the resistance level of 99.25, and now the 200 SMA came into focus in the H1 chart, where the index could find dynamic support to perform a rebound later. However, if that level gives up, we can expect another downside move towards the support zone of 98.03, which is below the 200 SMA. The MACD indicator is still at the negative territory.
H1 chart's resistance levels: 99.25 / 99.80
H1 chart's support levels: 98.31 / 98.03
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 seen at 99.25, take profit is at 99.80, and stop loss is at 98.71.
The material has been provided by InstaForex Company - www.instaforex.com