Daily chart: The USDX is trying to form a bullish pattern above the support level of 84.29, by what the next objective for this instrument would be the resistance level of 85.18. If the USDX manages to make a breakout at that level, it would be expected to rise to the level of 86.20 in the medium term which would prolong the bullish trend in the USDX for several days more. The MACD indicator is entering neutral territory.
H4 chart: The USDX has made a rebound on the bullish trend line that is near the level of 84.45, and now, the USDX is trying to climb back up to the resistance level of 85.06. If the USDX manages to establish itself above that level, it would be expected to rise to the level of 85.95 for this week. However, the USDX could make a pulback at current levels and fall to the level of 84.50. The MACD indicator stays in positive territory.
H1 chart: The USDX is forming a higher high pattern above the support level of 84.60. If the USDX manages to make a breakout at the resistance level of 84.81, the next serious objective level will be 85.03 in the short term. However, if the USDX does a pullback at current levels, it would be expected to fall to the support level of 84.60. The MACD indicator is entering overbought zone.
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 84.81, take profit is at 85.03, and stop loss is at 84.59.
The material has been provided by InstaForex Company - www.instaforex.com
