Daily analysis of USDX for June 07, 2018

USDX is off from the highs of June 5th and it seems we can expect further weakness towards the 93.12 level, once the index consolidates in favor of the bearish side. However, a recovery is expected to take place, but to achieve that, we should see a breakout of the 94.50 level, in order to allow a leg higher to test the resistance zone of 94.88.


H1 chart's resistance levels: 94.88 / 95.53

H1 chart's support levels: 93.91 / 93.12

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bearish candlestick; the support level is at 94.88, take profit is at 95.53 and stop loss is at 94.22.The material has been provided by InstaForex Company - www.instaforex.com