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23.10.201604:55 Forex Analysis & Reviews: Daily analysis of USDX for October 24, 2016

Long-term review

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USDX managed to end the week holding the bullish bias across the board, as the index is still trading above the 98.00 psychological level. Currently, the target to the upside remains in place at the 99.19 level, where strong resistance is located. If the index does a breakout over there, then we can expect a rally towards the 99.70 level. However, MACD indicator is entering the negative territory.

H1 chart's resistance levels: 99.19 / 99.70

H1 chart's support levels: 98.53 / 98.01

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 99.19, take profit is at 99.70 and stop loss is at 98.68.

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