On the daily chart, tho USDX is currently finding a bottom around the level of 93.75. This zone will be the key one for the trend's development during this week, because the Index is trying to ride the overall bullish bias again, as it's currently trading above the 200 SMA on this time frame. Also, there is no signs of immediate downside acceleration yet.
The current intraday structure is still showing a very bearish trend, because the USDX is trading below the 200 SMA on the H1 chart and the MACD indicator is still at the negative territory. During the last session, the USDX found strong resistance around the level of 94.33. If the USDX does a breakout at 93.88, it would be expected to fall until the zone around 93.53.
Daily chart's resistance levels: 94.66 / 95.74
Daily chart's support levels: 93.75 / 93.14
H1 chart's resistance levels: 94.33 / 94.63
H1 chart's support levels: 93.88 / 93.53
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US Dollar Index breaks with a bearish candlestick; the support level is at 93.88, take profit is at 93.53, and stop loss is at 94.24.
The material has been provided by InstaForex Company - www.instaforex.com