Daily Analysis of USDX for March 24, 2016
USDX is facing strong resistance around the 96.03 level, where a 200 SMA is placed on the H1 chart, acting as dynamic resistance. If that happens, then we can expect another decline until the 95.44 level, where the Index can resume the overall bearish bias. The MACD indicator is supporting a possible bearish scenario.
H1 chart's resistance levels: 96.03 / 96.70
H1 chart's support levels: 95.44 / 94.69
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 95.44, take profit is at 94.69, and stop loss is at 96.18.
The material has been provided by InstaForex Company - www.instaforex.com