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02.03.201511:57 Forex Analysis & Reviews: Daily analysis of USDX for March 02, 2015

Long-term review

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During the last session, we had already watched a strong bullish momentum of the USDX in a daily chart, as the instrument tested the resistance level of 95.45 again. We could expect a higher high pattern formation for now, because the USDX is looking to hit the next resistance zone around the 96.96 level.

A strong resistance level is located at 95.52, where the USDX is trying to form a bullish pattern in order to strength the current upward bias. At the H1 chart, the 200 SMA is still bullish and the USDX could probably reach the resistance level of 96.63 throughout the week. On the other hand, if the USDX does a breakout at the support level of 95.31, it could test the 94.87 level.

Daily chart's resistance levels: 95.45 / 96.96

Dailychart's support levels: 94.18 / 93.02

H1 chart's resistance levels: 95.52 / 96.63

H1 chart's support levels: 94.02 / 93.87

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 94.38, take profit is at 94.87, and stop loss is at 94.41.

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