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    Daily analysis of USDX for February 15, 2016 2016-02-15

    The index has found strong support near the level 95.32 and now we can see a consolidation above the level of 95.81. Currently, the bias is pointing to a more higher correction towards the 200 SMA in the H1 chart, which is very close to another resistance placed around 96.80. In another scenario, the USDX can resume its declines when a breakout happens below the zone of 95.32.

    USDXH1.png

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    H1 chart's resistance levels: 96.40 / 96.80

    H1 chart's support levels: 95.81 / 95.32

    Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US dollar index breaks with a bearish candlestick; the support level is found at 95.81, take profit is at 95.32, and stop loss is at 96.27.


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