Daily analysis of USDX for August 16, 2017


USDX had a strong rally and was the strongest currency against the major competitors and it’s now consolidating above the 200 SMA at H1 chart. To the upside, a resistance can be found around the 94.11 level, at which a breakout should expose the 94.58 level, while a pullback can take the index to retest the 200 SMA.

H1 chart’s resistance levels: 94.11 / 94.58

H1 chart’s support levels: 93.74 / 93.28

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 94.11, take profit is at 94.58 and stop loss is at 93.66.

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

Source:: Daily analysis of USDX for August 16, 2017

Won't your trader friends like this?
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Leave a Reply