16.08.201622:15 Forex Analysis & Reviews: Daily analysis of USDX for August 17, 2016

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

USDX had another bearish session yesterday, and now it's performing a consolidation below the 95.00 handle. Currently, the index is trading below the 200 SMA on the H1 chart, fcing the support around the 95.65 price zone. A breakout below this area should open the doors to reach the 94.32 level, which is the next buyers' area of interest.

H1 chart's resistance levels: 95.19 / 95.51

H1 chart's support levels: 94.65 / 94.32

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 94.65, take profit is at 94.32 and stop loss is at 95.00.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.