Daily Analysis of USDX for April 11, 2016
On the H1 chart, USDX attempted to break the low around the 93.95 level, to extend the bearish bias on a short-term basis. Currently, there is a double bottom pattern formation above the support zone of 93.95, where a rebound can happen to change the bearish trend to a bullish one in the short-term, but a breakout below that zone will expose the Index to new monthly lows.
H1 chart's resistance levels: 94.40 / 94.85
H1 chart's support levels: 93.95 / 93.24
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 93.95, take profit is at 93.24, and stop loss is at 94.65.
The material has been provided by InstaForex Company - www.instaforex.com
