Daily analysis of USDX for August 09, 2017

The index gained momentum during yesterday's session following positive data in the United States. Currently, it's headed to test the resistance level of 94.00 at which could happen a breakout that could open the doors to test the 94.42 level. To the downside, we're facing a support offered by the 200 SMA at H1 chart, which is the last hurdle before to reach the key level of 92.80.


H1 chart's resistance levels: 94.00 / 94.47

H1 chart's support levels: 93.25 / 92.80

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 94.00, take profit is at 94.47 and stop loss is at 93.55.

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