11.09.201501:24 Forex Analysis & Reviews: Daily analysis of USDX for September 11, 2015

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On the daily chart, the USDX is extending losses towards the support level of 95.26, afte making a pullback around the level of 95.83. That is why we should be cautious when the index tests that zone, because a breakout to the downside could happen there. The 200 SMA is still neutral, but it could turn higher eventually .

The index is forming a lower low pattern on the H1 chart, below the resistance level of 95.54, and now the downside target is is seen at the level of 95.41. If the USDX does a breakout there, it could test the level of 95.20 in coming hours. In this time frame, the 200 SMA is turning bearish, so we should be aware of those moves downwards.

Daily chart's resistance levels: 96.64 / 97.23

Daily chart's support levels: 95.83 / 95.26

H1 chart's resistance levels: 95.54 / 95.80

H1 chart's support levels: 95.41 / 95.20

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 at 95.41, take profit is at 95.20, and stop loss is at 95.61.

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