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Daily analysis of USDX for November 03, 2015

On H1 chart, USDX is looking to perform another rally towards new highs, because in the short term the index will find dynamic support at the 200 SMA, very close to the key support around the 96.71 level. That's why our upside target is still placed at the 97.16 level, where a breakout should happen in order to see a test of the 97.51 resistance zone. MACD indicator is still favoring bulls' force (the positive territory).

USDXH1.png

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H1 chart's resistance levels: 97.16 / 97.51

H1 chart's support levels: 96.71 / 96.40

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 97.16, take profit is at 97.51, and stop loss is at 96.81.



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