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26.10.201622:43 Forex Analysis & Reviews: Daily analysis of USDX for October 27, 2016

Long-term review

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The index had a bearish day on Wednesday and it's being supported by the 98.53 level. Around that zone, USDX may gain some momentum in order to rally towards the 99.19 level. If we see a breakout higher there, then a rally to the 99.70 level is highly expected, while a downside continuation can drive the USDX to test the 98.01 level, which is also below the 200 SMA.

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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