The USDX is looking for an opportunity to find bottom around the level of 98.66 where a rebound can happen towards new highs. Because of that we should see a breakout above the level of 99.48 first for a huge rally. Another scenario is calling for a decline towards the support zone of 98.14, which is located below the 200 SMA on the H1 chart. The MACD indicator is in the negative territory.
H1 chart's resistance levels: 99.19 / 99.48
H1 chart's support levels: 98.66 / 98.14
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 99.19, take profit is at 99.48, and stop loss is at 98.86.
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