Daily analysis of USDX for November 21, 2017

The index is moving inside a range and capped by the 200 SMA. Also, price action remains supported by the 93.55 level, where bulls are trying to push higher the US Dollar index in order to consolidate above the moving average. If a breakout happens over there, we can expect a rally towards the 94.60 level. MACD indicator is still in favor of the bears.


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