11.09.201620:34 Forex Analysis & Reviews: Daily analysis of USDX for September 12, 2016

Long-term review

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The index gained a bullish momentum during Friday's session and now it's finding resistance at the 94.59 level. We're expecting to see a bullish consolidation above the 200 SMA on H1 chart during this week as the greenback's strengthening could remain alive before the next Fed meeting. MACD indicator is showing overbought levels and it could decline towards the 94.78 level.

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.

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