15.10.201721:43 Forex Analysis & Reviews: Daily analysis of USDX for October 16, 2017

Long-term review

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The index remains trapped in a sideways range and capped by the 200 SMA at H1 chart. Currently, the focus is placed to the downside, but we can't discard a break above 93.35 in order to extend the rally towards the 94.58 level. If USDX manages to break below last Friday's lows, it's likely to see another leg lower towards the 91.67 level.

H1 chart's resistance levels: 93.35 / 94.58

H1 chart's support levels: 93.00 / 91.67

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 93.35, take profit is at 94.58 and stop loss is at 92.66.

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