For Traders

Analytical Reviews

Technical analysis

15.02.201602:23 Forex Analysis & Reviews: Daily analysis of USDX for February 15, 2016

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The index has found strong support near the level 95.32 and now we can see a consolidation above the level of 95.81. Currently, the bias is pointing to a more higher correction towards the 200 SMA in the H1 chart, which is very close to another resistance placed around 96.80. In another scenario, the USDX can resume its declines when a breakout happens below the zone of 95.32.

H1 chart's resistance levels: 96.40 / 96.80

H1 chart's support levels: 95.81 / 95.32

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 found at 95.81, take profit is at 95.32, and stop loss is at 96.27.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.