In H1 chart, USDX saw a huge decline below the 200 SMA and now it's expected to start to form a lower low pattern. However, if the US Index achieves a rebound at current stage, then it can retrace towards the resistance level of 97.42, which was the significant low made during the December 11th session. MACD indicator is at negative territory and supporting the idea.
H1 chart's resistance levels: 97.21 / 97.42
H1 chart's support levels: 96.94 / 96.65
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 96.94, take profit is at 96.65, and stop loss is at 97.25.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of USDX for February 04, 2016 . Thanks for your support.
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