The USDX has not made significant movements affecting the current trend on the daily chart. This instrument is held above the support level of 87.25, a fairly strong area, considering that the USDX could have made a breakout of that level a couple of weeks ago. The next goal for this instrument remains the resistance level of 88.63. The MACD indicator remains in the negative territory.
Dailychart's resistance levels: 88.63 / 90.40
Daily chart's support levels: 87.35 / 86.20
On the H1 chart, the USDX has moved in a range above the 200-day moving average. So, the USDX is likely to rise again to the resistance level of 87.86. A break of that level could lead the USDX to rise to the level of 88.15. For now, the MACD indicator remains in the neutral 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 20, 2014 . Thanks for your support.
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