Daily analysis of USDX for October 12, 2017

The index is consolidating below the 200 SMA at H1 chart and it's being supported by the 93.00 level, at which a breakout should expose the next target lying around 91.67. The overall structure is sideways and that's why we should be cautious when placing new orders at this stage. MACD indicator remains in the negative territory, favoring to the bears.

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