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16.11.201622:50 Forex Analysis & Reviews: Daily analysis of USDX for November 17, 2016

Long-term review

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The index remains strongly bullish across the board, as the price stays above the 100.00 handle. The 200 SMA at H1 chart is pointing to the upside and it's calling for further gains in the US dollar index. If we can see a breakout of Wednesday's highs, the chances to test the 101.74 level will increase. MACD indicator is entering at neutral territory, giving some hints of possible corrections.

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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