Daily analysis of USDX for October 30, 2017

The index is forming a higher high pattern below the resistance zone of 95.14 and looks forward to reaching new highs in the short-term. If a breakout happens over there, we can expect a rally towards the 95.85 level. To the downside, nearest support lies at 94.60 and if USDX retraces below it, then we should expect a testing of the 200 SMA at H1 chart.

USDXH1.png

H1 chart's resistance levels: 95.14 / 95.85

H1 chart's support levels: 94.60 / 93.97

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 95.14, take profit is at 95.85 and stop loss is at 94.47.

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