Daily analysis of USDX for September 04, 2017

USDX is hovering around the 200 SMA at H1 chart, but the outlook is still pointing to the downside for the short-term. Fractals have been formed in the recent higher and lower swings and that's why our preferred scenario is a sideways range established between the 93.09 and 92.34 levels at which the index could be moving during the first days of the week.

USDXH1.png

H1 chart's resistance levels: 93.09 / 94.04

H1 chart's support levels: 92.34 / 91.67

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 92.34, take profit is at 91.67 and stop loss is at 93.00.

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