Daily analysis of USDX for August 02, 2017

USDX remains supported by the 92.80 level and it's now forming a lower low pattern. The bearish structure remains solid below the 200 SMA and that's why we're expecting that a lower continuation takes place towards the support zone of 92.29. If the index manages to break above 93.49, then it can rally to test the 94.00 level.

USDXH1.png

H1 chart's resistance levels: 93.49 / 94.00

H1 chart's support levels: 92.80 / 92.29

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 92.80, take profit is at 92.29 and stop loss is at 93.31.

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