Daily analysis of USDX for May 14, 2018

USDX erased some of the gains posted during the last week and on the H1 chart, it’s consolidating the price action once again below the 200 SMA. That should put the focus on the 91.68 level as the next support, because the bears are taking the control of the situation. To the upside, if the index manages to rebound at the current stage, then it can go towards the 93.42 level.

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 92.62, 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 14, 2018