Daily Analysis of USDX for March 21, 2016
USDX is being supported by the 94.69 level, where a lower low pattern formation is seen on the H1 chart. The 200 SMA on this timeframe is bearish and that scenario is still favored for at least during this week. The next targets on the downside are placed at the 93.89 and 93.00 levels. In another scenario, if the Index succeeds in breaking the 95.44 level to the upside, then we can expect a test of the 96.03 level.
H1 chart's resistance levels: 95.44 / 96.03
H1 chart's support levels: 94.69 / 93.89
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 94.69, take profit is at 93.89, and stop loss is at 96.19.
The material has been provided by InstaForex Company - www.instaforex.com
