FX.co ★ Daily analysis of USDX for September 07, 2015

On the daily chart, the USDX continues to trade in favor of a bullish bias, looking for an opportunity to break the resistance level of 96.64. Of course, that will happen when the Index achieves in developing a good bullish pattern formation to continue it previous rally. On the other hand, the USDX is expected to perform another pullback towards the support level of 95.83.

The index is still trading sideways on the H1 chart, with a bullish consolidation above the 200 SMA. The next key resistance level is located around 96.63, where the USDX should make a breakout in order to reach new highs during the period of consolidation mentioned above. The MACD indicator is still at negative territory.

Daily chart's resistance levels: 96.64 / 97.23

Daily chart's support levels: 95.83 / 95.26

H1 chart's resistance levels: 96.34 / 96.63

H1 chart's support levels: 96.09 / 95.80

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level is seen at 96.34, take profit is at 96.63, and stop loss is at 96.01.