The US Dollat Index is testing the support level of 95.74 now. If it does a breakout in that zone, the USDX will fall to the level of 94.66. Anyway, we think this corrective move is a short-term bearish bias, because the USDX aims at the upside and the immediate resistance is seen around the level of 96.97.
In the H1 chart, the Index is forming a lower low pattern below the resistance level of 96.16 and now, the risk to the downside is still there, but in a short term basis. The USDX is trading below the 200 SMA, but this Index will try to follow possible bullish momentum which could come soon. The MACD indicator is oversold.
Daily chart's resistance levels: 96.97 / 98.08
Daily chart's support levels: 95.74 / 94.66
H1 chart's resistance levels: 96.16 / 96.53
H1 chart's support levels: 95.71 / 95.26
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 at 96.16, take profit is at 96.53, and stop loss is at 95.78.