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01.06.201802:00 Forex Analysis & Reviews: Daily analysis of USDX for June 01, 2018

Long-term review

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USDX seems to have found a strong support around 93.91, which also coincides with the 200 SMA on H1 chart. However, the resistance area of 94.88 remains as the next target to the upside, where the bulls could strengthen in order to print fresh highs. As long as the index stays above the 200 SMA, we expect further gains in the short-term at least.

H1 chart's resistance levels: 94.88 / 95.53

H1 chart's support levels: 93.91 / 93.12

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bearish candlestick; the support level is at 94.88, take profit is at 95.53 and stop loss is at 94.22.

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