Daily analysis of USDX for February 15, 2017

USDX got a bullish momentum during Tuesday’s session after Yellen’s speech at a Senate committee. It’s now testing the resistance zone of 101.40, where a breakout should deliver more bullish bias toward 102.39, in an effort to strengthen the bullish scenario for the short-term. If the index does a pullback at the current stage, then we can expect a decline to test the 100.00 handle.

H1 chart’s resistance levels: 101.43 / 102.38

H1 chart’s support levels: 100.01 / 98.98

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 100.01, take profit is at 98.98 and stop loss is at 101.03.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Daily analysis of USDX for February 15, 2017