Daily analysis of USDX for August 05, 2016

Source: Forex Analysis

USDX is about to reach the 200 SMA in the H1 chart, where a pullback
can happen to resume the overall bearish structure. Ahead of US NFP
release that will take place today, the US Dollar is poised to extend
the corrective phase where it is trading currently. However, a
breakout below the 95.51 level can open the doors to reach the 95.02
level.

1470343750_USDXH1.png

H1 chart’s resistance
levels: 95.93 / 96.32

H1 chart’s support levels: 95.51
/ 95.02

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
95.51,
take profit is at
95.02
and stop loss is at 96.00.

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