On the daily chart, the USDX continues gaining ground over the support level of 86.20, so the USDX is trying to make a breakout on the resistance level of 87.35. If successful, the next target on the bullish road would be the 88.63 level in the medium term. However, keep in mind that the USDX is overbought.
Dailychart's resistance levels: 87.35 / 87.93
Dailychart's support levels: 87.00 / 86.75
The USDX has established itself above the level of 87.28, reaching new high record levels in the H1 chart. However, the USDX had previously made several fractals at the 87.45 level, so the USDX could conduct a rebound at current levels and try to climb up to the resistance level of 87.58. The MACD indicator remains in positive territory.
H1 chart's resistance levels: 87.58 / 87.86
H1 chart's support levels: 87.28 / 87.00
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 87.28, take profit is at 87.58, and stop loss is at 87.00.
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 November 04, 2014 . Thanks for your support.
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