FX.co ★ Daily analysis of USDX for November 17, 2014

The USDX has performed a drop from the resistance level of 88.19 to the support offered by the bullish trend line at the level of 87.55. Caution should be exercised with this trend line, because if the USDX makes a breakout in that area, it would be expected to fall to the support level of 87.35. In case of a rebound from the current levels, it could lead this instrument to revisit the resistance level of 87.93. The MACD indicator remains in the negative territory.

H4chart's resistance levels: 87.93 / 88.19

H4chart's support levels: 87.35 / 87.00

On the H1 chart, the USDX found strong resistance at the 88.15 level. Now, the USDX is trying to find support in the SMA 200. The USDX could begin to form a bearish pattern to fall to the support level of 87.28. However, this instrument is likely to make a bullish retracement to the resistance level of 87.86. The MACD indicator remains in the negative territory.

H1 chart's resistance levels: 87.58 / 87.86

H1 chart's support levels: 87.28 / 87.00

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 87.58, take profit is at 87.86, and stop loss is at 87.30.