Daily analysis of USDX for October 05, 2017

The index is looking to test the 200 SMA on H1 chart in an effort to gain momentum in the short term. With a break below that area, doors should be opened to reach the support level of 91.67 in coming days. Fractals have been formed in the recent lower swing and it should provide weakness across the board. MACD indicator remains flat, calling for sideways moves in USDX.

USDXH1.png

H1 chart's resistance levels: 94.04 / 94.58

H1 chart's support levels: 93.00 / 91.67

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 94.04, take profit is at 94.58 and stop loss is at 93.50.

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