FX.co ★ Daily analysis of USDX for February 09, 2016

The H1 chart is still showing continuation of bearish trend below the 200 SMA. Importantly, a strong support zone was formed around the 96.40 level which was tested several times during the last few sessions and price action was rejected in that area. The price is likely to break this level below to move towards the 95.81 level. MACD indicator is at neutral territory.

H1 chart's resistance levels: 96.80 / 97.32

H1 chart's support levels: 96.40 / 95.81

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 96.40, take profit is at 95.81, and stop loss is at 96.99.