Daily analysis of USDX for February 07, 2018

USDX still hovers around the 200 SMA at the H1 chart and it seems we could expect another leg higher. However, as the broad-based USD weakness remains alive across the board, one should expect a breakout of the 89.36 level in order to reach the support zone of 87.88. MACD indicator remains in the negative territory, supporting the bearish bias.

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 07, 2018