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    USDX technical analysis for March 16, 2016 2016-03-16

    The Dollar index is trading inside a triangle pattern. Since the FOMC meeting will take place today, we should expect some volatility in the forex market, and the dollar could get a clear direction today for its next move.

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    Support at 95.80 was held. Price however remains below the 4-hour Kumo (cloud). Important resistance is at 98.50. Stochastic is oversold. We can see whether a breakout or breakdown today. Watch 95.20 and 98.50 closely today.

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    On the weekly chart, we continue to see price trapped inside the trading range, but it is still above the Kumo (cloud). Tenkan- and kijun-sen remain neutral moving sideways with no clear slope. There are more chances that the Dollar index will break to the upside as support from below is very strong.


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