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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