Daily analysis of USDX for November 01, 2016

USDX gained some ground during early Monday's session, but as the American session started, we saw some weakness in the greenback and now it's trading below the 200 SMA at H1 chart. That should mean that a decline towards the support level of 98.00 is highly likely. However, it needs to break Monday's lows in order to confirm that scenario. MACD indicator is supporting the bearish bias.

1477944173_USDXH1.png

H1 chart's resistance levels: 98.53 / 99.19

H1 chart's support levels: 98.01 / 97.62

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 98.53, take profit is at 99.19 and stop loss is at 98.68.

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