Daily Analysis of USDX for April 25, 2016
USDX is doing a bullish consolidation and the overall scenario is turning sideways, as the Index is still trapped inside a range below the resistance level of 95.18. However, if USDX does a breakout above it, then we can expect another rally toward the 95.52 price zone, where the Index could take a rest before further bullish advances.
H1 chart's resistance levels: 95.18 / 95.52
H1 chart's support levels: 95.01 / 94.85
Trading recommendations for today:
Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 95.18, take profit is at 95.52, and stop loss is at 94.85.
The material has been provided by InstaForex Company - www.instaforex.com