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15.11.201621:31 Forex Analysis & Reviews: Daily analysis of USDX for November 16, 2016

Long-term review

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USDX didn't perform strong moves during Tuesday's session, as the resistance zone of 100.29 continues to provide bearish momentum. The index is facing an overbought condition and one could expect a decline to test the support level of 99.62, where a breakout should open the doors to test the psychological level of 99.00.

H1 chart's resistance levels: 100.29 / 101.74

H1 chart's support levels: 98.65 / 98.00

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 100.29, take profit is at 101.74 and stop loss is at 98.85.

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