The bias is very bearish on the H1 chart and the USDX seems to be very active in the bearish trend, as the 200 SMA offered a strong dynamic resistance during the last week. Currently, a bottom can be found around the level of 97.86, where a breakout lower will expose the index to test a low of 97.66 in a short-term basis. The MACD indicator is in the neutral territory.
H1 chart's resistance levels: 98.14 / 98.66
H1 chart's support levels: 97.86 / 97.66
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX breaks current levels with a bearish candlestick; the support level is found at 97.86, take profit is at 97.66, and stop loss is at 98.05.
The material has been provided by InstaForex Company - www.instaforex.com