FX.co ★ Daily analysis of USDX for August 05, 2016

USDX is about to reach the 200 SMA in the H1 chart, where a pullback can happen to resume the overall bearish structure. Ahead of US NFP release that will take place today, the US Dollar is poised to extend the corrective phase where it is trading currently. However, a breakout below the 95.51 level can open the doors to reach the 95.02 level.

H1 chart's resistance levels: 95.93 / 96.32

H1 chart's support levels: 95.51 / 95.02

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 95.51, take profit is at 95.02 and stop loss is at 96.00.