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Daily analysis of USDX for September 09, 2016

USDX remains in a bullish recovery tone, following the strong declines posted during the week. The support zone of 94.78 is still strong and remains an active pivot point, that also should make the index rally towards the 200 SMA on the H1 chart. Our next upside target will be the resistance level of 95.49, which served as solid support during the first days of September.

USDXH1.png

H1 chart's resistance levels: 95.49 / 95.79

H1 chart's support levels: 94.78 / 94.29

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 94.78, take profit is at 94.29 and stop loss is at 95.27.

The material has been provided by InstaForex Company - www.instaforex.com