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Daily analysis of USDX for May 25, 2016

The index has been trading sideways, but it is favored by bulls in the short term. The next hurdle for the bullish bias would be the resistance zone of 95.68, where a breakout can push the USDX higher toward the 96.14 level. In another scenario, a pullback at current levels can produce a decline to the 95.22 level. MACD indicator is showing overbought signs, which could indicate a possible correction to take place soon.


H1 chart's resistance levels: 95.68 / 96.14

H1 chart's support levels: 95.22 / 94.89

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 95.68, take profit is at 96.14, and stop loss is at 95.20.

The material has been provided by InstaForex Company -