21.10.201523:12 Forex Analysis & Reviews: Daily analysis of USDX for October 22, 2015

Long-term review

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The USDX is getting outside the sideways range established around the 200 SMA zone in the H1 chart, but the index could perform a rally towards the resistance level of 95.30. If the USDX succeeds in breaking this level to the upside, it is expected to test the zone around 95.60, which confirm that the short-term bullish trend has started already. The MACD indicator remains at the positive territory.

H1 chart's resistance levels: 95.30 / 95.60

H1 chart's support levels: 94.98 / 94.61

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US dollar index breaks with a bearish candlestick; the support level is at 94.98, take profit is at 94.61, and stop loss is at 95.36.

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