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Daily analysis of USDX for May 09, 2017

The index managed to hold the support zone of 98.42 and it's currently consolidating above the 200 SMA on H1 chart. The next resistance is placed around 99.28, where a breakout should open the doors to test the 99.63 level, but overall, the structure is calling for further weakness in the greenback to re-test the support level of 98.42.

USDXH1.png

H1 chart's resistance levels: 99.28 / 99.63

H1 chart's support levels: 98.77 / 98.42

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 98.77, take profit is at 98.42 and stop loss is at 99.13.

The material has been provided by InstaForex Company - www.instaforex.com