12.03.201511:44 Forex Analysis & Reviews: Daily analysis of USDX for March 12, 2015

Long-term review

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The USDX had completed its pullback on the daily chart and still did not reach the bullish consolidation above psychological level of 100.00. The main target is seen at at the resistance level of 100.49 in this time frame. We expect that it will find support at the level of 99.19 for now. If the USDX breaks that zone, the next downside target is seen at the level of 98.01.

Our intraday trade idea worked well at the yesterday's session, as the USDX reached the resistance level of 100.01. Currently, the USDX is looking for support at the level of 99.13 after the pullback at the 100.01 level. There is a strong possibility of another fall to the support level of 97.93 because of corrective moves.

Daily chart's resistance levels: 99.19 / 100.49

Dailychart's support levels: 98.01 / 96.96

H1 chart's resistance levels: 99.13 / 100.00

H1 chart's support levels: 97.96 / 96.85

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 99.13, take profit is at 100.00, and stop loss is at 98.30.

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