The USDX is trying again to consolidate above the support level of 85.18, so that the next target would be the resistance level of 86.20 in the medium term. Furthermore, the USDX had already made a rebound at the support level of 84.29, so this instrument is strong in the current bullish trend.
Daily chart's resistance levels: 86.20 / 87.35
Dailychart's support levels: 85.18 / 84.29
On the H1 chart, the USDX has managed to consolidate above the 200 SMA, because the USDX made a rebound at the support level of 84.81. Now, the USDX could touch the resistance level of 85.49 in the coming hours, but we must not rule out the possibility that this instrument could make a pullback at the current levels.
H1 chart's resistance levels: 85.49 / 85.73
H1 chart's support levels: 86.27 / 85.03
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 85.27, take profit is at 85.03, and stop loss is at 85.49.
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 22, 2014 . Thanks for your support.
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