Daily analysis of USDX for March 02, 2018

USDX is sligthly bullish above the 200 SMA at H1 chart and the price action is favoring to the upside, as the index didn't break below the February 28th lows. However, the psychological level of 91.00 has been proven to be a strong resistance which could help to cap further gains in the greenback. That's why the idea of a pullback towards the support zone of 89.36 remains as a likely scenario to happen.

USDXH1.png

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