InstaForex - Analytics

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    Daily analysis of USDX for February 24, 2016 2016-02-24

    USDX is still keeping some bullish momentum above the 200 SMA on H1 chart, trying to break the resistance level of 97.77 in an effort to reach the high around the 98.08 level, where a key sellers zone is located on a short-term basis. According to the other scenario, if the Index makes a successful pullback at the current levels, then we can expect a decline to test that moving average mentioned above.

    USDXH1.png

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    H1 chart's resistance levels: 97.77 / 98.08

    H1 chart's support levels: 97.36 / 96.80

    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 97.77, take profit is at 98.08, and stop loss is at 97.47.


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