Daily Analysis of USDX for April 15, 2016
On the H1 chart, USDX has been performing a consolidation above the support zone of 94.85, after the Index made a breakout above it, with a rally to test the 95.17 high. However, this is not a definite bullish trend on a mid-term basis, as the USDX can resume the bearish bias and eventually it could test the 94.40 level.
H1 chart's resistance levels: 95.21 / 95.64
H1 chart's support levels: 94.85 / 94.40
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 94.85, take profit is at 94.40, and stop loss is at 95.31.
The material has been provided by InstaForex Company - www.instaforex.com