InstaForex - Analytics

    InstaForex

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    Daily analysis of USDX for June 08, 2016 2016-06-07

    In H1 chart, USDX is still forming a lower low pattern above the support level of 93.89, but there are signs that a breakout could happen to extend the decline toward the 93.50 level. However, to avoid the bearish scenario for coming days, it should break above the resistance zone of 94.30, where a rally to the 200 SMA can happen.

    USDXH1.png

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    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.


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