On the daily chart, USDX is finding strong bottom across the 93.00 level. The 200 SMA is located very close above that zone. We should take the current move as a corrective one in favor of the overall long-term bullish trend. However, this should be invalidated when a breakout happens below the 89.00 psychological level.
Index continues to strength the bearish bias on H1 chart with a lower low pattern formation above the 93.18 level, where a support zone is located. The lower push could continue during the coming hours as the USDX is still weak in a short-term outlook, but the corrections will come soon. MACD indicator is entering the positive territory.
Daily chart's resistance levels: 93.71/ 94.59
Daily chart's support levels: 93.00 / 91.70
H1 chart's resistance levels: 93.78 / 94.39
H1 chart's support levels: 93.18 / 92.73
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 93.18, take profit is at 92.73, and stop loss is at 93.62.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of USDX for August 25, 2015 . Thanks for your support.
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