17.03.201511:50 Forex Analysis & Reviews: Daily analysis of USDX for March 17, 2015

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The daily outlook is showing us a bullish pattern formation, as the USDX is retracing to the support level of 99.19. The instrument is expected to stay above that zone, as the USDX is very strong in the bullish bias. Anyway, if it breaks to the downside, it may fall to the support level of 98.01. That is going to put bullish bias at risk in the short term.

We can see a rejection to the upside road from the high of the 100.17 level on the H1 chart. Also, the USDX will stay above the 200 SMA and the price action does not show any trend-change patterns. So, the main focus is on the resistances zones in the very short term. Remember that the USDX is look for reaching a high at the level of 100.88.

Daily chart's resistance levels: 100.49 / 101.60

Dailychart's support levels: 99.19 / 98.01

H1 chart's resistance levels: 100.01 / 100.88

H1 chart's support levels: 99.13 / 97.93

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 100.01, take profit is at 100.88, and stop loss is at 99.13.

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