Daily analysis of USDX for March 09, 2018

The US dollar index stays below the 200 SMA and looks forward to test fresh lows below the support level of 89.36. If a breakout happens below there, the greenback could be under pressure to test the 87.88 level. To the upside, a rebound should put USDX in focus to touch the resistance zone of 90.63. MACD indicator is entering the neutral territory, favoring to a sideways range.

H1 chart’s resistance levels: 90.63 / 91.75

H1 chart’s support levels: 89.36 / 87.88

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 89.36, take profit lies at 87.88 and stop loss is at 90.81.

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