Daily Analysis of USDX for April 14, 2016
USDX is very close to finding strong resistance around the 94.85 level in an effort to resume the bearish bias toward new lows, as the Index is getting outside of the 200 SMA on the H1 chart. However, we can expect a downside continuation when the USDX does a breakout below the 94.40 level, with targets around the 93.95 level.
H1 chart's resistance levels: 94.85 / 95.21
H1 chart's support levels: 94.40 / 93.95
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 94.40, take profit is at 93.95, and stop loss is at 94.85.
The material has been provided by InstaForex Company - www.instaforex.com
