For Traders

Analytical Reviews

Technical analysis

06.02.201505:03 Forex Analysis & Reviews: Daily analysis of USDX for February 06, 2015

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

On the daily chart, we can see a retracement from the USDX in favor of the bearish bias, as this instrument probably will touch the support level of 93.02 in the short term. Anyway, our bullish outlook in the general bias is still valid, as the 200 SMA is bullish and the USDX is performing a corrective cycle on this chart.

Again, the USDX fell below the 200 SMA on the H1 chart. Now, the USDX finds strong support at the 93.46 level. But we are still interested to see a rebound on that level to the resistance level of 93.94, that could be the last chance in the short term for this instrument to get on the bullish ride again. Anyway, if the USDX makes a breakout at the 93.46 level, the next target could be the support level of 93.10.

Daily chart's resistance levels: 94.18 / 95.45

Dailychart's support levels: 93.02 / 92.42

H1 chart's resistance levels: 93.94 / 94.38

H1 chart's support levels: 93.46 / 93.10

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 95.45, take profit is at 96.87, and stop loss is at 93.50.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.