Technical view-
After the consolidation, the US Dollar moved to the resistance levels 50SMA at 80.40. In Asia's trading session, USDX is trading at 80.22. It is near a breakout level. Today, we can see the price giving a breakout from the current trading pattern for targets at 80.70, 80.85, 81, and 81.32. RSI in the daily chart is supproting this view. On the down side, below 80.22, the level of 79.95 is the strong support. Below this, the price will become weak and will fall to next support levels at 79.75 and 79.25. We are recommending to buy this pair from 79.30 levels for targets at 80.75 and 81.30. If the price breaks the 79 level, then we need to re-analyze the chart for lower levels towards 75.
S1 80.20 R1 80.30
S2 79.75 R2 80.75
S3 79.25 R3 81
On an intraday basis, the support levels exist at 81.13 and 80.07.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of USDX for April 03, 2014 . Thanks for your support on Technical analysis of USDX for April 03, 2014
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