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Daily analysis of USDX for November 08, 2017

USDX remains in a range across the board, well supported by the 200 SMA at H1 chart. The resistance zone of 95.14 is helping to add further pressure and if it gives up, then another leg higher is expected to take place towards the 95.85 level. To the downside, the support level of 94.60 remains as the line in the sand for bears’ price action.

USDXH1.png

H1 chart’s resistance levels: 95.14 / 95.85

H1 chart’s support levels: 94.60 / 93.97

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 95.14, take profit is at 95.85 and stop loss is at 94.47.

The material has been provided by InstaForex Company – www.instaforex.com

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