Daily analysis of USDX for August 03, 2017

The index is still supported by the 92.80 level, but it's trying to break it in order to extend losses. Overall, the bearish structure is still alive and one could expect a lower continuation. If that happens, the next target to the downside should be the 92.29 level. In the bullish scenario, the nearest resistance is at the 93.50 level. MACD indicator is in the negative territory, favoring to the bearish idea.

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