On the daily chart, we can see that the USDX fell steeply below the resistance level of 85.18, that means the next target will be at the 84.29 support level, because this instrument is currently showing much weakness. And in the medium term, the USDX has enough space on the bearish road to fall to the level of 84.29. The light indicator MACD is moving into negative territory.
Dailychart's resistance levels: 85.18 – 86.20
Dailychart's support levels: 84.29 – 83.74
During yesterday's session, the USDX fell below the 200 SMA on the H1 chart, because the USDX found strong resistance at 85.95. However, the USDX could begin to form a lower low pattern at current levels, and even, this instrument could make a breakout at the level of resistance at the 85.03 level to rise to the level of 85.23 in the short term.
H1 chart's resistance levels: 85.03 – 85.27
H1 chart's support levels: 84.81 – 84.60
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 84.81, take profit is at 84.60, and stop loss is at 85.03.
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 16, 2014 . Thanks for your support.
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