24.02.201502:26 Forex Analysis & Reviews: Daily analysis of USDX for February 24, 2015

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Range moves continue to dominate the daily chart of the USDX, as this instrument continues to stay above the key support level of 94.18. We could expect more rallies, but we should remain cautious, as the USDX is trying to reach the resistance level of 95.45 in the medium term. The 200 SMA is also bullish, but be aware of the current negative position of the MACD indicator.

The bullish consolidation in the USDX on the H1 chart is now verified thanks to the strong rebound at the 200 SMA which the instrument did during Monday's session. Besides, the USDX performed a pullback at the resistance level of 94.87, but it still remains alive with the bullish bias, as the instrument could rise again to that zone in order to reach the next resistance level of 95.07.

Daily chart's resistance levels: 95.45 / 96.96

Dailychart's support levels: 94.18 / 93.02

H1 chart's resistance levels: 94.87 / 95.07

H1 chart's support levels: 94.38 / 94.02

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 94.87, take profit is at 95.07, and stop loss is at 94.65.

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