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06.10.201623:41 Forex Analysis & Reviews: Daily analysis of USDX for October 07, 2016

Long-term review

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The index posted a fresh multi-month high, following a bullish momentum gained during yesterday's session. We're now seeing a consolidation below the resistance level of 96.74 where a breakout should happen in order to reach the 97.36 level across the board, while a pullback should be taken as a corrective move towards the support level of 96.27 in a first degree.

H1 chart's resistance levels: 96.74 / 97.36

H1 chart's support levels: 96.27 / 95.79

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 96.74, take profit lies at 97.36 and stop loss is at 96.15.

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