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09.03.201607:20 Forex Analysis & Reviews: Daily analysis of USDX for March 09, 2016

Long-term review

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The USDX is currently extending its correction towards the level of 97.48, where we can expect a pullback towards the support level of 97.13 again. However, a breakout above the resistance level of 97.78 will expose the index to test new highs and to ride a short-term bullish momentum. The MACD indicator is still in the positive territory.

H1 chart's resistance levels: 97.48 / 97.78

H1 chart's support levels: 97.13 / 96.61

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX breaks with a bearish candlestick; the support level is found at 97.13, take profit is at 96.61, and stop loss is at 97.65.

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