Daily analysis of USDX for November 01, 2017

The index continues to ride a retracement from the resistance level of 95.14 and now remains supported by the fractals formed during yesterday’s lows. The 200 SMA at the H1 chart is approaching to the current price action and it can serve as dynamic support. The downside could get extended towards the 93.97 level.

H1 chart’s resistance levels: 95.14 / 95.85

H1 chart’s support levels: 94.60 / 93.97

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 95.14, take profit is at 95.85 and stop loss is at 94.47.

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