Daily analysis of USDX for March 01, 2017

USDX is looking to consolidate below the 200 SMA at H1 chart, with a very limited weakness around 101. However, the index is struggling to consolidate its structure in the path towards 100.44. If it manages to break below that area, we can expect further declines to take place toward 99.84 in a first degree. MACD indicator is entering the positive territory, supporting a corrective idea in favor of the bulls.


H1 chart’s resistance levels: 101.43 / 102.38

H1 chart’s support levels: 100.44 / 99.84

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 100.44, take profit is at 99.84 and stop loss is at 101.06.

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