Daily analysis of USDX for May 05, 2017

As the US fundamental data on Thursday discouraged investors and the Healthcare bill passed the House, USDX received a strong selling wave below the 200 SMA on H1 chart, which enabled the greenback to cap gains in the short term. Now, the index is piercing the support level of 98.83 and
now it is heading for the 98.42 level, which is our next key area to the
downside.

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 05, 2017