08.09.201500:59 Forex Analysis & Reviews: Daily analysis of USDX for September 08, 2015

Long-term review

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The USDX had a quite day when the week began, as the Index was still trading below the resistance level of 96.64 with no changes in the current outlook for the medium and long terms. We could be in front of a higher high formation, which would give bullish momentum to the USDX to push it towards new highs.

On the H1 chart, the USDX has been trading sideways, but it still remains above the 200 SMA in this time frame. The resistance level of 96.34 continues to be the closest upside target. Another short-term outlook calls for a breakout below the moving average mentioned above, with targets at the lows that were reached during the trading seccion on September 1.

Daily chart's resistance levels: 96.64 / 97.23

Daily chart's support levels: 95.83 / 95.26

H1 chart's resistance levels: 96.34 / 96.63

H1 chart's support levels: 96.09 / 95.80

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 96.34, take profit is at 96.63, and stop loss is at 96.01.

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