FX.co ★ Technical analysis of USDX for February 10, 2014

According to the Bureau of Labour Statistics, US non-farm payrolls missed forecast in the month of January. Expectations was 182,000 but it only stretched by 113,000. Average hourly earnings increased by 0.2% over the month. By sectors, employment in goods producing industries rose by 76,000 while in the services it was only up by 66,000. In the public sector, employment fell by 29,000. The data for the previous three months was revised higher by 71,000. The US unemployment rate was marked down by 6.6% from 6.7% last month.

The USD remains relatively firm, even though the job numbers once again missed the estimates. USD posted losses against all its peers.

In the hourly chart RSI and stochastics look positive. USD is facing resistance at the 21DEMA level of 80.80 above that 81.0. The price broke the trend line and is trading below, this is a bearish view. Until USD closing above the level of 81.0, we remain on bearish view. In our last report we gave a bearish view at the level of 81.32.

Intra Support- $80.60, $80.44.

Resistance- $80.8, $81.0.