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23.02.201501:57 Forex Analysis & Reviews: Daily analysis of USDX for February 23, 2015

Long-term review

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We can see sideways on the USDX on the daily chart, as this instrument still finds support at the level of 94.18. During this week, we could see more consolidation moves on the USDX, but there are still high chances that the instrument has a bullish momentum, at least until the resistance level of 95.45 in the medium and short term. The MACD indicator remains in the negative territory.

During the session on Friday, the USDX couldn't get consolidated above the resistance level of 94.87 and now is trading below the 200 SMA on the H1 chart. We could expect a more downside move until the support level of 94.02. If it is successful and breaks that level, the index would be expected to fall until the support level of 93.78 in the very short term.

Daily chart's resistance levels: 95.45 / 96.96

Dailychart's support levels: 94.18 / 93.02

H1 chart's resistance levels: 94.87 / 95.10

H1 chart's support levels: 94.38 / 94.02

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 93.78, and stop loss is at 94.25.

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