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Daily analysis of USDX for October 28, 2014

At the H4 chart, the USDX has met resistance at the bullish trend line near the resistance level of 86.01, so the USDX could be forming a bullish pattern above the 200-day moving average. It is likely that during today's session the USDX will make a rebound on bullish trend line at the level of 85.45 and therefore rise again to the level of 86.01, although the MACD indicator remains in neutral territory.


USDXH4.png

H4chart's resistance levels: 86.01 / 86.75


H4chart's support levels: 85.06 / 84.52


The USDX is trying to make a rebound at the support level of 85.49, where the 200 SMA is on the H1 chart. If the USDX makes a breakout at the resistance level of 85.73, it's expected to climb back to the level of 85.95 in the short term that means a strong bullish consolidation in the short term and the USDX could have a second wind in the current trend. The MACD is entering neutral territory, which could favor the bullish momentum in the USDX.


USDXH1.png

H1 chart's resistance levels: 85.73 / 85.95


H1 chart's support levels: 85.49 / 85.27


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 85.95, take profit is at 86.17, and stop loss is at 85.73.


The material has been provided by InstaForex Company - www.instaforex.com