25.11.201401:26 Forex Analysis & Reviews: Daily analysis of USDX for November 25, 2014

Long-term review

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The USDX has made a pullback at the level of 88.45, although this instrument continues forming a bullish pattern above the trend line level of 88.15. If the USDX takes a breakout at the 87.93 level, one would expect to fall at the level of 87.65. The MACD indicator is entering the neutral territory.

H4chart's resistance levels: 88.19 / 88.65

H4chart's support levels: 87.93 / 87.35

In the H1 chart, the USDX made a retracement at the level of 88.15. So, this is likely to fall to the instrument support level of 87.86, where the 200 SMA is located. A breakout below that area, could endanger the current bullish trend in the USDX. On the other hand, if the USDX manages to surpass the level of 88.43, the bullish trend could last several days.

H1 chart's resistance levels: 88.15 / 88.43

H1 chart's support levels: 87.86 / 87.58

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 88.15, take profit is at 88.43, and stop loss is at 87.87.

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