Daily analysis of USDX for August 28, 2017

Jackson Hole's event helped to add pressure on the US Dollar and currently is trading below the 93.00 handle. After several days trapped in a range, the index looks like it's riding a nice bearish consolidation below the 200 SMA at H1 chart. If we witness a breakout below 92.51, we can expect further weakness towards the 92.09 level.

USDXH1.png

H1 chart's resistance levels: 93.09 / 93.72

H1 chart's support levels: 92.51 / 92.09

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 92.51, take profit is at 92.09 and stop loss is at 92.91.

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