The USDX continues to move in a range above the support level of 87.35, because this instrument could not find a significant point for further progress in the bullish trend support. However, a breakout at the support level of 87.35, could lead the USDX to fall to the level of 86.20. In addition, the USDX has been following a bullish trend line for several weeks.
Dailychart's resistance levels: 88.63 / 90.40
Dailychart's support levels: 87.35 / 86.20
On the H1 chart, the USDX had a significant drop from the level of 88.00 to the 87.40 level, where this instrument performed a slight rebound. Now, the USDX is trying to make a breakout at the resistance level of 87.58. If successful, it would be expected to rise to the level of 87.86. The MACD indicator remains in the negative 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 87.58, take profit is at 87.86, and stop loss is at 87.30.
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 12, 2014 . Thanks for your support.
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