Daily analysis of USDX for August 30, 2017

The index continues to have pressure across the board and the 200 SMA is helping to guide the path in the near-term. So far, the support zone of 92.51 is still holding and bears are starting to lose some steam around that area. That's why we expect some moves that correct the overall trend and the resistance level of 93.09 could be the first target.

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 91.67, take profit is at 92.09 and stop loss is at 92.83.

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