InstaForex - Analytics

    InstaForex

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    Daily analysis of USDX for March 11, 2016 2016-03-11

    The USDX is forming a lower low pattern in the H1 chart and the 200 SMA is pointing to the downside. Currently, it's being supported by the level of 96.03 and we can see a rebound towards the level of 96.61 where a pullback should happen to resume the bearish bias. An overall structure is calling for the downside.

    USDXH1.png

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    H1 chart's resistance levels: 96.61 / 96.98

    H1 chart's support levels: 96.03 / 95.44

    Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX breaks with a bearish candlestick; the support level is found at 96.03, take profit is at 95.44, and stop loss is at 96.61.


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