Daily analysis of USDX for August 31, 2016

Another bullish day for the US Dollar Index was seen during Tuesday’s session, following positive data from the United States. The resistance lies at the 96.14 level where the sellers could resume the downside to taking the index into a corrective phase. In case of a breakout above that zone, we will see a rally towards the 96.49 level.

USDXH1.png

H1 chart’s resistance levels: 96.14 / 96.49

H1 chart’s support levels: 95.79 / 95.49

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 96.14, take profit is at 96.49 and stop loss is at 95.79.

The material has been provided by InstaForex Company – www.instaforex.com

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