08.05.201405:41 Forex Analysis & Reviews: Technical analysis of USDX and USD pairs for May 08, 2014

Long-term review

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USDX and USD pairs

The US dollar became stronger after fundamental news released yesterday. Russian President Vladimir Putin took a step back from confrontation with the West over Ukraine, and Federal chairwoman comments strengthened the US dollar. The U.S. dollar rose slightly against a basket of currencies, though it remained near a six-month low.

The US dollar took support at 79 levels. It is strenghtened by fundamental news and technical picture as well. The RSI in the daily chart clearly indicates a buy signal. For the next couple of trading sessions, the US dollar pairs will be actively traded and the buy on the dips strategy will favors USD/JPY, USD/SGD, USD/CHF and USD/CAD.

USD/JPY- the pair is trading at 101.80, it can fly up to 102.20, 102.35 and 103 levels.

USD/SGD- the pair is trading at 1.2475, it can fly up to 1.25 and 1.2560 levels.

USD/CAD- the pair is trading at 1.09, it can fly up to 1.0960 and 1.1 levels.

USD/CHF- the pair is trading at 0.8764, it can fly up to 0.8787, 08815 levels.

USDX- the index is trading at 79.23, it can fly up to 79.36, 79.50 and 79.80.

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