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12.02.201504:28 Forex Analysis & Reviews: Daily analysis of USDX for February 12, 2015

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The bullish road continues to be the main scene on the daily chart, as the USDX is trying to reach the resistance level of 95.45 in the near term. We could expect more high levels to be reached in the coming days, but in a very conservative way, as the USDX could start to perform little corrective moves in order to get into the ride at the 95.45 level.

We could say that the USDX performed a breakout at the 94.87 level successfully. There is a solid bullish structure developing currently, as this instrument could reach very easily the resistance level of 95.16 from the technical viewpoint. If the USDX does a breakout at that level, we could expect more rallies towards the 95.57 level.

Daily chart's resistance levels: 95.45 / 96.78

Dailychart's support levels: 94.18 / 93.02

H1 chart's resistance levels: 95.16 / 95.57

H1 chart's support levels: 94.87 / 94.38

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 95.16, take profit is at 95.57, and stop loss is at 94.76.

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