Daily analysis of USDX for May 03, 2017

USDX is waiting for tomorrow’s Fed interest rate decision, which is expected to keep rates unchanged. Currently, the index is holding at the support level of 98.83 and remains capped by the 200 SMA on H1 chart. One would expect a bearish continuation after that level gives up, while to the upside, a consolidation above the 200 SMA could expose the psychological zone of 100.00.

H1 chart’s resistance levels: 99.28 / 99.97

H1 chart’s support levels: 98.83 / 98.42

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 98.83, take profit is at 98.42 and stop loss is at 99.24.

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

Source:: Daily analysis of USDX for May 03, 2017