logo

FX.co ★ Daily analysis of USDX for October 21, 2016

Daily analysis of USDX for October 21, 2016

The index is strengthening the bullish bias on H1 chart, as we saw that it approached multi-month highs on Thursday's session, where the USD was strongly in a bid. If we see a breakout above the resistance level of 98.53, then it can cling to test the 99.19 level in coming days, while a pullback should send the US Dollar index to visit the 200 SMA.

Daily analysis of USDX for October 21, 2016

H1 chart's resistance levels: 98.53 / 99.19

H1 chart's support levels: 98.01 / 97.71

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 98.53, take profit is at 99.19 and stop loss is at 97.86.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Open trading account