Daily analysis of USDX for August 23, 2016

USDX hasn't reached the 200 SMA on the H1 chart, and currently it is declining towards the support zone of 94.32 which can be tested soon. Below that zone, further weakness will push the index towards the 94.07 level. However, if USDX does a rebound at the current stage, then it can test the 95.00 psychological level.

H1 chart's resistance levels: 94.65 / 95.00
H1 chart's support levels: 94.32 / 94.07

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 94.32, take profit is at 94.07 and stop loss is at 94.57.

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