Daily analysis of USDX for June 06, 2016

Source: Forex Analysis

USDX reacted negatively to the worse-than-expected NFP numbers released in the United States last Friday, and now it’s already trading far below the 200 SMA on the H1 chart, favoring the bearish scenario on a short and mid-term basis. Support can be found around the 93.89
level, where a breakout should happen for another decline toward the
93.50 level.

USDXH1.png

H1 chart’s resistance
levels: 94.30 / 94.62

H1 chart’s support levels: 93.89
/ 93.50

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
93.89,
take profit is at
93.50,
and stop loss is at 94.28.

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