Daily analysis of USDX for February 05, 2018

The USD NFP gave a boost to the US Dollar Index across the board and it helped to reach the 200 SMA at the H1 chart. The level of 89.36 should be pierced in order to allow gains toward the 90.63 level and such move could strengthen the bullish scenario for the short-term. To the downside, the closest support lies at 87.88.


H1 chart's resistance levels: 90.63 / 91.75

H1 chart's support levels: 89.36 / 87.88

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 89.36, take profit is at 87.88 and stop loss is at 90.81.

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