Daily analysis of USDX for February 16, 2018

USDXH1.png

The index resumed the bearish trend as the greenback remains under heavy pressure below the 200 SMA at H1 chart. The closest support lies at 87.88, where we expect some consolidation moves and possibly a corrective move to erase the oversold territory of USDX. To the upside, gains should be limited by the 89.36 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

Source:: Daily analysis of USDX for February 16, 2018

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