Daily analysis of USDX for May 16, 2016

Source: Forex Analysis

On the H1 chart, USDX has been riding a strong bullish bias since a
rebound was performed from the 200 SMA (May 11th). Currently, new
highs could be reached as soon as the Index does a breakout above
the psychological zone of 95.00, but the current structure could be
telling us about a possible corrective move which could re-test the
94.35 level.

USDXH1.png

H1 chart’s resistance
levels: 94.61 / 94.81

H1 chart’s support levels: 94.35
/ 94.06

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
94.61,
take profit is at
94.81,
and stop loss is at 94.41.

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