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FX.co ★ Daily analysis of USDX for April 11, 2016

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Forex Analysis:::2016-04-10T21:51:14

Daily analysis of USDX for April 11, 2016

On the H1 chart, USDX attempted to break the low around the 93.95 level, to extend the bearish bias on a short-term basis. Currently, there is a double bottom pattern formation above the support zone of 93.95, where a rebound can happen to change the bearish trend to a bullish one in the short-term, but a breakout below that zone will expose the Index to new monthly lows.

Daily analysis of USDX for April 11, 2016

H1 chart's resistance levels: 94.40 / 94.85

H1 chart's support levels: 93.95 / 93.24

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 93.95, take profit is at 93.24, and stop loss is at 94.65.

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