Daily analysis of USDX for May 01, 2017

Source: Forex Analysis

USDX starts the week within a sideways range in the short-term, with the bears capped by the level of 98.83. A recovery can happen to fill the bearish gap left on April 24th, which should help to boost the index to reach the 100.00 handle in coming days. However, if the index plummets below 98.83, it can test the 98.42 level.

USDXH1.png

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.

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