For Traders

Analytical Reviews

Technical analysis

09.02.201501:25 Forex Analysis & Reviews: Daily analysis of USDX for February 09, 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.

The USDX recovered above the support level of 94.18 and still remains alive on the higher high pattern's formation. The resistance level of 95.45 continues to be the nearest target on the upside road. Also, the USDX could make a breakout on that area in order to rise until the next resistance level of 96.78, as we can see it on the daily chart.

The intraday outlook for this instrument is very bullish, as the USDX did a strong rebound close to the level of 93.35, which was below the 200 SMA. Now, the USDX could start to form a higher high pattern below the resistance level of 94.87. If the USDX makes a breakout at that level, bulls could still hold the upper hand to the resistance level of 95.16.

Daily chart's resistance levels: 95.45 / 96.78

Dailychart's support levels: 94.18 / 93.02

H1 chart's resistance levels: 94.87 / 95.16

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 94.87, take profit is at 95.16, and stop loss is at 94.58.

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.