Daily analysis of USDX for May 08, 2018

USDX managed to break higher on Monday, as the bullish momentum gained during the US NFP event remains alive across the board and now it targets the resistance level of 93.42. Bulls are favored by the current price action, but one shouldn’t discard the idea of a pullback that could take place towards the support zone of 91.86.

H1 chart’s resistance levels: 92.62 / 93.42

H1 chart’s support levels: 91.86 / 90.46

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 9262, take profit is at 93.42, and stop loss is at 91.84.The material has been provided by InstaForex Company – www.instaforex.com

Source:: Daily analysis of USDX for May 08, 2018