The index plummeted strongly during Monday's session and it achieved to erase last week's range. We're watching a bearish consolidation below the 200 SMA at H1 chart and it's finding a support around 99.98, where a demand zone is located. If USDX does a breakout below there, we can expect weakness toward the 99.39 level, while a rebound should help the index to re-test the resistance area of 101.74 level, which is above the 200 SMA.
H1 chart's resistance levels: 100.68 / 101.74
H1 chart's support levels: 99.98 / 99.39
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 100.68, take profit is at 101.74 and stop loss is at 99.59.
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