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09.05.201623:37 Forex Analysis & Reviews: Daily analysis of USDX for May 10, 2016

Long-term review

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The greenback is still trading with a bullish bias held since the May 3rd session. Now it's breaking the resistance level of 94.06 to the upside in order to extend gains toward the 94.56 level. If the index consolidates successfully above the 200 SMA on H1 chart with another higher high pattern, then it can rally toward the 94.84 level in coming days.

H1 chart's resistance levels: 94.56 / 94.84

H1 chart's support levels: 94.06 / 93.80

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 94.56, take profit is at 94.84, and stop loss is at 94.26.

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