For Traders

Analytical Reviews

Technical analysis

02.05.201721:40 Forex Analysis & Reviews: Daily analysis of USDX for May 03, 2017

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

USDX is waiting for tomorrow's Fed interest rate decision, which is expected to keep rates unchanged. Currently, the index is holding at the support level of 98.83 and remains capped by the 200 SMA on H1 chart. One would expect a bearish continuation after that level gives up, while to the upside, a consolidation above the 200 SMA could expose the psychological zone of 100.00.

H1 chart's resistance levels: 99.28 / 99.97

H1 chart's support levels: 98.83 / 98.42

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 98.83, take profit is at 98.42 and stop loss is at 99.24.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.