Daily analysis of USDX for October 14, 2015 Market Analysis Review

On the daily chart, the USDX is currently trading above the 200 SMA, means the current bullish bias is still alive and we should wait for a rise towards the resistance zone of 95.26. However, if the index does a pullback at the level, it could try a consolidation below the moving average. The MACD indicator is at the negative territory.

The index is moving sideways on the H1 chart, but it still remains below the 200 SMA. The support level of 94.61 currently offers a good bottom for the USDX bears, and we could expect another corrective rebound before a decline takes place. The MACD indicator is entering the neutral territory.

Daily chart's resistance levels: 95.26 / 95.83

Daily chart's support levels: 94.36 / 93.16

H1 chart's resistance levels: 95.03 / 95.38

H1 chart's support levels: 94.61 / 94.15

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US dollar index breaks with a bearish candlestick; the support level is at 94.61, take profit is at 94.15, and stop loss is at 95.08.

The material has been provided by InstaForex Company - www.instaforex.com

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