FX.co ★ Daily analysis of USDX for March 07, 2016

USDX is making a corrective move below the 200 SMA. The Index may be performing a decline towards the 97.13 level, where a rebound could happen. We should note that the 200 SMA is acting as a dynamic resistance.

H1 chart's resistance levels: 98.59 / 99.08

H1 chart's support levels: 98.21 / 98.08

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 98.59, take profit is at 99.08, and stop loss is at 98.10.