FX.co ★ Daily analysis of the USDX for April 20, 2015

GBP/USD is already doing a pullback at the resistance level of 1.4976 and it's expected to starts forming a bullish pattern. We shouldn't forget the fact about the current overall trend, which is bearish.

The Index recovered from losses on the H1 chart and now it's trading above the support level at 97.70. At this point, we could expect a rise to the 200 SMA, but the USDX could find strong resistance at 97.98. In the shorter time frames, we remain bearish with the USDX, as all the structures and fractal formations are advising us about it.

Daily chart's resistance levels: 97.83 / 99.12

Dailychart's support levels: 96.30 / 94.87

H1 chart's resistance levels: 97.98 / 98.24

H1 chart's support levels: 97.70 / 97.32

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 97.70, take profit is at 97.32, and stop loss is at 98.06.