Daily analysis of USDX for September 18, 2015 Market Analysis Review

On the daily chart, the USDX is reaching the 200 SMA after the Federal Reserve's decision to maintain the interest rates unchanged. The index could break the support level of 94.42 in coming days to reach a fresh low near the support zone of 93.18, which is below the moving average.

The index is currently moving into a bearish path below the 200 SMA on the H1 chart, with a lower low pattern formation below the resistance level of 94.57. A breakout below the support zone of 94.36 will push the USDX lower until 93.95. The MACD indicator is entering oversold territory, and that is why we could expect some corrective rebounds.

Daily chart's resistance levels: 95.26 / 95.83

Daily chart's support levels: 94.42 / 93.18

H1 chart's resistance levels: 94.57 / 94.97

H1 chart's support levels: 94.36 / 93.95

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US Dollar Index breaks with a bearish candlestick; the support level is at 94.36, take profit is at 93.95, and stop loss is at 94.75.

The material has been provided by InstaForex Company - www.instaforex.com

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