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04.10.201622:05 Forex Analysis & Reviews: Daily analysis of USDX for October 05, 2016

Long-term review

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The index strengthened during yesterday and now it's facing the resistance level of 96.27, where a breakout should happen in order to extend gains toward the 96.74 resistance zone. However, if the pullback is strong enough at this stage, then we can expect a decline to test the 95.79 level, where the 200 SMA lies on H1 chart.

H1 chart's resistance levels: 96.27 / 96.74

H1 chart's support levels: 95.79 / 95.49

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 96.27, take profit is at 96.74 and stop loss is at 95.79.

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