Daily analysis of USDX for February 01, 2018

USDXH1.png

USDX remains under pressure below the 200 SMA and it seems that a leg lower to test the 87.88 level is likely to happen. The moving average is guiding the path for the short-term and that’s why we would like to see more losses ahead. However, if it manages to break above the 89.36 level, the text target would be the 90.63 area.

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 01, 2018

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