On the daily chart, the USDX traded sideways during last session, but we're still expecting a bounce at the current levels with a rally towards the resistance level of 95.45. Next time, we recommend caution, at least during the session on Tuesday, because today is a bank holiday in the United States, thus the USDX will move in a low range.
The USDX filled the bearish gap next to the level of 94.10, as this instrument is trying to form a bearish pattern to perform a breakout at the support level of 94.02. If successful, bears could take over the USDX to reach the next support zone at the 93.62 level on the H1 chart. The MACD indicator is still on the positive territory.
Daily chart's resistance levels: 95.45 / 96.78
Dailychart's support levels: 94.18 / 93.02
H1 chart's resistance levels: 95.16 / 95.57
H1 chart's support levels: 94.87 / 94.38
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 94.02, take profit is at 93.62, and stop loss is at 94.42.
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 16, 2015 . Thanks for your support.
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