FX.co ★ Daily analysis of USDX for March 14, 2013

Daily chart: The USDX continues bearish patterns forming below the resistance level of 80.11. Now, the USDX is trying to fall to the support level of 79.19, and almost succeeded when fell to the level of 79.25. However, if the USDX makes a bullish rebound at current levels, it is expected to rise to the resistance level of 80.11. The MACD indicator is in negative territory.

H4 chart: The USDX found support near the 79.32 level. For now, the USDX remains below the resistance level of 79.69. If the USDX does make a breakout at that level, it would be expected to rise to the level of 79.81. On the other hand, if the USDX does make a breakout at the support level of 79.32, it's expected to fall to the level of 78.85. The MACD indicator is oversold.

H1 chart: The USDX made a bullish rebound above the support level of 79.39 and now the USDX is again trying to break the resistance level of 79.64. If successful, it is expected to rise to the level of 79.8, which is above the 200 SMA. On the other hand, if the USDX makes a bearish rebound at current levels, it would be expected to fall to the level of 79.39. The MACD indicator is in positive territory.

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 79.64, take profit is at 79.88, and stop loss is at 79.41.