InstaForex - Analytics

    InstaForex

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    Daily analysis of USDX for February 29, 2016 2016-02-29

    On the H1 chart, USDX is still doing some rallies in favor of the overall bullish bias. There are new highs to be reached this week, as the Index may perform a breakout above the resistance level of 98.21, in order to test the 98.59, which is a key zone for short-term sellers. 200 SMA is still supporting the US Dollar and MACD indicator is on overbought territory.

    USDXH1.png

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    H1 chart's resistance levels: 97.77 / 98.08

    H1 chart's support levels: 97.20 / 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 98.21, take profit is at 98.59, and stop loss is at 97.84.


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