Daily analysis of USDX for November 09, 2017

The index is still moving in sideways across the board, supported by the 200 SMA, according to our H1 chart's projection. The resistance zone of 95.14 is giving an offer to the price action, but if that level gets broken, then we might expect a leg higher to test the resistance zone of 95.85. MACD indicator remains in the neutral territory, showing the sideways situation in USDX.

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