Daily analysis of USDX for August 04, 2017

USDX remains in sideways and well supported by the 92.80 level. Overall, the picture is still bearish, as the index is trading below the 200 SMA and MACD indicator is favoring to that scenario to strengthen. However, if it breaks the range established since August 1st, the index could travel to test the 200 SMA at H1 chart around 93.35.

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