FX.co ★ Daily analysis of USDX for September 15, 2014

Daily chart: The USDX continues to form a higher high pattern below the resistance level of 84.29, it is significant movements that alter the current bullish trend in this instrument. If the USDX manages to make a breakout at the level of 84.29, it would be expected to rise to the level of 85.18. The MACD indicator is entering overbought area.

H4 chart: The USDX continues to find resistance at the level of 84.47 and now, the USDX is trying to stay below the bullish trend line, so it is very likely that this instrument will fall to the level of 83.70 in the coming days. The MACD indicator is entering negative territory.

H1 chart: The USDX has made a pullback at the 84.37 level and now, the USDX is trying to make a breakout at the level of 84.18 with the formation of a bearish pattern. If it succeeds, it would be expected to fall to the support level of 84.03. However, it is likely the USDX will make a rebound at current levels. The MACD indicator remains in negative 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 84.18, take profit is at 84.37, and stop loss is at 83.99.