On the H1 chart, the USDX has been trading above the support level of 96.30 with a higher high pattern formation, as the index had a very strong bullish momentum during Thursday's session. The current structure is fractal enough to state that the USDX will perform a rally towards the level of 97.02 when a breakout successfully happens above 96.56. The MACD indicator is entering the overbought territory.
H1 chart's resistance levels: 96.56 / 97.02
H1 chart's support levels: 96.30 / 95.83
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US dollar index breaks with a bullish candlestick; the resistance level is seen at 96.56, take profit is at 97.02, and stop loss is at 96.11.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of USDX for October 23, 2015 . Thanks for your support.
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