Daily Analysis of USDX for March 22, 2016
The H1 chart structure remains bearish and the Index is currently dealing with the resistance zone of 95.44, where we can expect a pullback to resume the bearish bias on a short-term basis. If that scenario happens, then a breakout lower below the 94.69 level will make it possible for the pair to test new lows in the coming days. The 200 SMA is slightly bearish.
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