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Daily analysis of USDX for March 02, 2016 2016-03-02

On the H1 chart, USDX made a consolidation move above the support level of 98.21 and the resistance zone of 98.59 remains very strong in the short-term picture. The 200 SMA is pointing to the upside and supporting the bullish bias. However, if the Index makes a breakout below the 98.08 level, then the USDX might fall until the 200 SMA price zone.


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H1 chart's resistance levels: 98.59 / 99.08

H1 chart's support levels: 98.21 / 98.08

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 98.59, take profit is at 99.08, and stop loss is at 98.10.

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