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Daily analysis of USDX for August 12, 2016

USDX is still hovering around the 200 SMA and now it's looking to re-test the support level of 95.51. If the Index achieves in break it, then we can expect a bearish continuation towards the 95.19 level on a short-term basis. By the way, the index could attempt a breakout above the 95.93 level, in a move that could open the doors to test the 96.32 level.

USDXH1.png

H1 chart's resistance levels: 95.93 / 96.32

H1 chart's support levels: 95.51 / 95.19

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 95.51, take profit is at 95.19 and stop loss is at 95.83.

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