InstaForex - Analytics

    InstaForex

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    Daily analysis of USDX for June 09, 2016 2016-06-08

    The Index continues to strengthen the bearish bias below the 93.89 level, and now it's finding strong support around the 93.50 level, where a breakout should open the doors for more downside to the 93.04 level on a short-term basis. The 200 SMA on the H1 chart is also pointing to the south, but the MACD indicator is still at positive territory, favoring a possible rebound.

    USDXH1.png

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    H1 chart's resistance levels: 93.89 / 94.30

    H1 chart's support levels: 93.50 / 93.04

    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 93.50, take profit is at 93.04, and stop loss is at 93.97.


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