FX.co ★ Daily analysis of USDX for March 09, 2015

The USDX is still very bullish and is trying to stay alive in this bias during considerable time. The nearest resistance is located at the level of 98.01, where we could expect more pullbacks on this instrument. We cannot forget the fact that the USDX could start to form another bullish pattern because the USDX is reaching overbought levels.

The intraday outlook remains bullish as the USDX is forming a higher high pattern above the support level of 96.85. We can already see fractal formations near the resistance level of 97.93. If that zone is reached to the upside in the short term, the USDX could test the resistance level of 99.13. The MACD indicator is still on negative territory.

Daily chart's resistance levels: 98.01 / 99.19

Dailychart's support levels: 96.96 / 95.45

H1 chart's resistance levels: 97.93 / 99.13

H1 chart's support levels: 96.85 / 96.08

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 97.93, take profit is at 99.13, and stop loss is at 96.72.