On the daily chart, the index remains trapped inside a bullish range established below the resistance level of 96.38, which is currently the sellers' area of interest where the USDX is facing strong bearish reaction. By the way, the support level of 95.83 is still a strong, and we are still following the overall bullish bias. The 200 SMA is slightly bullish.
The USDX did some signification rebounds during Monday's session, as it has been performing a consolidation above the 200 SMA with a higher high pattern formation ongoing. The resistance level of 96.16 should be broken in coming hours for a rally towards the 96.30 level. The MACD indicator is still at the positive territory.
Daily chart's resistance levels: 96.38 / 96.91
Daily chart's support levels: 95.81 / 95.26
H1 chart's resistance levels: 96.15 / 96.30
H1 chart's support levels: 95.94 / 95.38
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 96.15, take profit is at 96.30, and stop loss is at 96.00.
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