FX.co ★ Daily analysis of USDX for February 08, 2016

USDX recovers from the strong losses made during last week, and the H1 chart shows us a target to the upside towards the 200 SMA in a corrective tone. In this area a dynamic resistance can be found which would resume the downward movement in that scenario. On the other hand, the index can break the resistance level of 98.42, which was the support found on the January 28th session, to resume the bullish bias.

H1 chart's resistance levels: 97.80 / 98.42

H1 chart's support levels: 97.42 / 97.21

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 97.42, take profit is at 97.21, and stop loss is at 97.63.