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16.05.201722:04 Forex Analysis & Reviews: Daily analysis of USDX for May 17, 2017

Long-term review

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USDX had a strong decline on Tuesday and it's consolidating well below the 98.20 level. The support zone of 98.08 is now the area where buyers will try to correct the recent decline. If that level gives up, then we can expect a downside acceleration towards the 97.50 level. However, if the corrective move happens, the resistance zone of 98.55 is a feasible target to the upside.

H1 chart's resistance levels: 98.55 / 99.15

H1 chart's support levels: 98.08 / 97.50

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 99.15, take profit is at 99.50 and stop loss is at 98.81.

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