Daily analysis of USDX for November 16, 2017

USDX remains under pressure as the bears are trying to take the index to lower levels in the short-term. Currently, it's being supported by the 93.55 level and such area could give up in order to extend the decline towards the 93.12 level. To the upside, nearest resistance lies at 93.98, which should be invalidated in order to test the 200 SMA at H1 chart.


H1 chart's resistance levels: 93.98 / 94.60

H1 chart's support levels: 93.55 / 93.12

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 93.55, take profit is at 93.12 and stop loss is at 93.97.

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