FX.co ★ Daily analysis of USDX for February 29, 2016

On the H1 chart, USDX is still doing some rallies in favor of the overall bullish bias. There are new highs to be reached this week, as the Index may perform a breakout above the resistance level of 98.21, in order to test the 98.59, which is a key zone for short-term sellers. 200 SMA is still supporting the US Dollar and MACD indicator is on overbought territory.

H1 chart's resistance levels: 97.77 / 98.08

H1 chart's support levels: 97.20 / 96.80

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 98.21, take profit is at 98.59, and stop loss is at 97.84.