The USDX has been consolidating under the bullish trend line at the level of 85.85, and now the USDX is trying to fall to the support level of 85.06. If USDX manages to perform a breakout at that level, it would be expected to drop to the level of 84.47, where the 200 SMA is located. However, USDX could perform a rebound at that level. The MACD indicator is in negative territory.
H4chart's resistance levels: 86.20 – 87.35
H4chart's support levels: 85.18 – 84.29
On the H1 chart, the USDX is trying to make a breakout at the support level of 85.49, with the formation of a lower low pattern. However, the USDX could conduct a rebound at current levels, because the 200 SMA could serve as dynamic support in the USDX. However, on the downside, the USDX may fall to the level of 85.27.
H1 chart's resistance levels: 85.73– 85.95
H1 chart's support levels: 85.49 – 85.27
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 85.49, take profit is at 85.27, and stop loss is at 85.73.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of USDX for October 08, 2014 . Thanks for your support.
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