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12.04.201600:45 Forex Analysis & Reviews: Daily analysis of USDX for April 12, 2016

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USDX is very weak and now we're seeing a possible attempt to break the support level of 93.95, in order to extend the decline until the 93.24 price zone. The bearish bias is being supported by the overall structure of the Index formed below the 200 SMA on the H1 chart, which is also showing us various bearish formations on the road.

H1 chart's resistance levels: 94.40 / 94.85

H1 chart's support levels: 93.95 / 93.24

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 93.95, take profit is at 93.24, and stop loss is at 94.65.

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