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11.04.201800:39 Forex Analysis & Reviews: Daily analysis of USDX for April 11, 2018

Long-term review

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The price action in the index is at the mercy of the consolidation below the 200 SMA on the H1 chart, as it's already opening the doors for a testing of the support level at 89.36. Such area could give up in order to allow additional losses toward the 87.88 level as a key hurdle to the downside. However, any rebounds should be limited by that moving average.

H1 chart's resistance levels: 90.63 / 91.75

H1 chart's support levels: 89.36 / 87.88

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 89.36, take profit is at 87.88 and stop loss is at 90.81.

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