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23.10.201406:26 Forex Analysis & Reviews: Intraday trading recommendations on USDX for October 23, 2014

Long-term review

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The U.S. CPI jumped by 0.1% in September. In the month of August it was down 0.2%. The U.S. dollar again got demand. Yesterday's session it closed above a 5-day high. The index closed above the 2-week descending trend line. The index has resistance at 85.88, the 61.8 fib level, above this, 86.01 is the major resistance level. We can see strong momentum only above 86.01 towards 86.11 and 86.27 immediately. On the down side, the index has support at 85.75, below this 85.50, 85.30 and 85.23 is the major support levels. For positional buyers, use every dip to buy. For an intraday view, fresh buying above 85.90 will mint the money and strong buy will emerge above 86.02. Until the prices close above 84.74 we can expect 87.75 on the upside.

Fresh buy above 85.88

Strong momentum above 86.02

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