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06.09.2015 09:34 PM
Daily analysis of USDX for September 07, 2015

On the daily chart, the USDX continues to trade in favor of a bullish bias, looking for an opportunity to break the resistance level of 96.64. Of course, that will happen when the Index achieves in developing a good bullish pattern formation to continue it previous rally. On the other hand, the USDX is expected to perform another pullback towards the support level of 95.83.

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The index is still trading sideways on the H1 chart, with a bullish consolidation above the 200 SMA. The next key resistance level is located around 96.63, where the USDX should make a breakout in order to reach new highs during the period of consolidation mentioned above. The MACD indicator is still at negative territory.

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Daily chart's resistance levels: 96.64 / 97.23

Daily chart's support levels: 95.83 / 95.26

H1 chart's resistance levels: 96.34 / 96.63

H1 chart's support levels: 96.09 / 95.80

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level is seen at 96.34, take profit is at 96.63, and stop loss is at 96.01.

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