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Daily analysis of GBP/USD for USDX 02, 2015

USDX is trying to make a rebound above the 200 SMA on H1 chart, and that could happen in the short-term because of the current fractal structure placed on this Index. A breakout above the 97.16 level will open the doors to the 97.51 price zone. In another scenario, bears could take control of the short-term bias when the USDX is making a lower low pattern below the 200 SMA this week. MACD indicator is on the positive territory.

USDXH1.png

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H1 chart's resistance levels: 97.16 / 97.51

H1 chart's support levels: 96.71 / 96.40

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 97.16, take profit is at 97.51, and stop loss is at 96.81.



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