FX.co ★ Daily analysis of USDX for March 05, 2015

Bulls are currently dominating the USDX's general bias and already finished forming a higher high pattern on the daily chart. Remember that the nearest target in the upside road is the resistance level of 96.96, a zone that could be reached before the end of this week. Also, don't forget that the USDX could form another bullish pattern.

The bullish structure is also strong on the H1 chart, as the USDX is trying to consolidate above the level of 96.08. All the targets are pointing to the upwards and we could see this instrument reaching the resistance zone of 96.85 in a short-term bias. However, be cautious because the MACD indicator could show us a bullish divergence in the coming hours.

Daily chart's resistance levels: 96.96 / 98.01

Dailychart's support levels: 95.45 / 94.18

H1 chart's resistance levels: 96.08 / 96.85

H1 chart's support levels: 95.52 / 95.31

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 at 96.08, take profit is at 96.85, and stop loss is at 95.31.