08.10.201500:43 Forex Analysis & Reviews: Daily analysis of USDX for October 08, 2015

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On the daily chart, the USDX is trying to move higher again above the support level of 95.26, because the index has been testing that zone for several days already. Currently, our nearest resistance is located around the level of 95.83. When a breakout happens over there, we could expect a rally towards the level of 96.38.

The index is currently forming a lower low pattern on the H1 chart, but we should remember that a few days ago the USDX found strong bottom over there. That is why we are following the idea of a breakout above the 200 SMA with a target placed around the level of 96.15. The MACD indicator is still at the positive territory.

Daily chart's resistance levels: 95.83 / 96.38

Daily chart's support levels: 95.26 / 94.36

H1 chart's resistance levels: 95.94 / 96.15

H1 chart's support levels: 95.38 / 95.03

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 at 95.94, take profit is at 96.15, and stop loss is at 95.73.

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