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26.08.201501:15 Forex Analysis & Reviews: Daily analysis of USDX for August 26, 2015

Long-term review

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The daily chart shows an effort of consolidation above the 200 SMA, after the index failed to break out below the support zone of 93.00. The USDX also tested the resistance level of 94.59, which is the level that could be broken in order to reach the next zone of interest for sellers around the level of 95.26.

On the H1 chart, the USDX recovered some losses at the weekly opening. The USDX will look for an opportunity to break the resistance level of 94.71 in order to reach the 200 SMA in this time frame, but bear in mind that the current structure is still calling for the downside. The MACD indicator is entering the negative territory.

Daily chart's resistance levels: 94.59 / 95.26

Daily chart's support levels: 93.71 / 93.00

H1 chart's resistance levels: 93.78 / 94.39

H1 chart's support levels: 93.18 / 92.73

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US Dollar Index breaks with a bearish candlestick; the support level is seen at 93.78, take profit is at 93.18, and stop loss is at 94.39.

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