Daily Analysis of USDX for June 01, 2016
The greenback remains strong in the mid term, as the 200 SMA is still a dynamic support on the H1 chart. The next resistance is still placed around the 96.03 level, where a breakout can happen to resume the bullish bias, but a pullback cannot be discarded, as the MACD indicator is reaching overbought conditions on this timeframe.
H1 chart's resistance levels: 96.03 / 96.56
H1 chart's support levels: 95.68 / 95.22
Trading recommendations for today:
Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 96.03, take profit is at 96.56, and stop loss is at 95.50.
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