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    Daily analysis of USDX for February 04, 2016 2016-02-03

    In H1 chart, USDX saw a huge decline below the 200 SMA and now it's expected to start to form a lower low pattern. However, if the US Index achieves a rebound at current stage, then it can retrace towards the resistance level of 97.42, which was the significant low made during the December 11th session. MACD indicator is at negative territory and supporting the idea.

    USDXH1.png

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    H1 chart's resistance levels: 97.21 / 97.42

    H1 chart's support levels: 96.94 / 96.65

    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 96.94, take profit is at 96.65, and stop loss is at 97.25.


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