The USDX performed a false breakout at the support level of 94.18. Currently, the instrument is trying to reach the resistance level of 95.45. That target is quite reachable, as the USDX formed a bearish divergence on oscillators like the RSI on the daily chart, the price action also proves it. Currently, the 200 SMA is still bullish.
On the H1 chart, we can see that the USDX recovered from low levels next to the 93.00 psycological zone. Now, the instrument is making a strong bullish momentum above the 200 SMA and the support level of 94.38. Two pivot points on the dowside were formed in order to favor the bullish price action of the USDX from an intraday outlook.
Daily chart's resistance levels: 95.45 / 96.87
Dailychart's support levels: 94.18 / 93.02
H1 chart's resistance levels: 94.69 / 94.90
H1 chart's support levels: 94.38 / 93.94
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 94.69, take profit is at 94.90, and stop loss is at 94.48.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of USDX for February 05, 2015 . Thanks for your support.
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