31.08.201522:48 Forex Analysis & Reviews: Daily analysis of USDX for September 01, 2015

Long-term review

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On the daily chart, the USDX remains above the support level of 95.83 and is looking for a way to perform a rally towards the next resistance around the level of 96.64. Currently, our view is still sideways, but the USDX could perform a pullback towards the support level of 95.26. The MACD indicator is turning neutral.

The USDX is still trading sideways on the H1 chart, but current higher moves take place above the 200 SMA, which is neutral. The nearest resistance is located around the level of 96.09, where we should expect a breakout in order to test the next high at the level of 96.39 in the short term. The MACD indicator is at the negative territory.

Daily chart's resistance levels: 96.64 / 97.08

Daily chart's support levels: 95.83 / 95.26

H1 chart's resistance levels: 96.08 / 96.39

H1 chart's support levels: 95.68 / 95.33

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level is at 96.08, take profit is at 96.39, and stop loss is at 95.77.

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