Daily analysis of USDX for February 22, 2018

The USDX managed to advance above the support zone of 89.36 and it's now targeting the resistance area of 90.63. Bulls are still trying to gather enough momentum to consolidate the structure above the 200 SMA on the H1 chart, so the risk to the downside remains high. Once the index breaks below the 89.36 level, doors will open for a testing of the 87.88 level.


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