The USDX has made an interesting pullback at the level of 87.95 on the daily chart. Because of this bearish pattern, the USDX could make a breakout at the support level of 87.35 and fall to the level of 86.20. However, we must be cautious in the medium term with the USDX, because this instrument could rise to the resistance level of 88.63.
Dailychart's resistance levels: 88.63 / 90.40
Dailychart's support levels: 87.35 / 86.20
On the H1 chart, the USDX had a fall from the resistance level of 88.15. Now, this instrument is finding support at the 87.58 level. If the USDX manages to make a breakout at that level, the next target would be the 87.28 level. However, our bullish outlook on the USDX still kept alive, because this instrument is located above the 200 SMA. MACD indicator remains in the negative territory.
H1 chart's resistance levels: 87.86 / 88.15
H1 chart's support levels: 87.58 / 87.28
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 87.86, take profit is at 88.15, and stop loss is at 87.57.
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 10, 2014 . Thanks for your support.
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