Daily analysis of USDX for October 26, 2017

The index made a retracement below the critical resistance level of 94.04 and now, it’s testing the 200 SMA at H1 chart. The outlook for the US Dollar remains bullish despite recent moves, but if the moving average gives up, we can expect a testing of the support level of 93.00. MACD indicator is favoring to the bears so far.

H1 chart’s resistance levels: 94.04 / 94.56

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 94.04, take profit is at 94.56 and stop loss is at 93.52.

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