FX.co ★ Daily analysis of USDX for October 20, 2016

USDX continues to hover around the 98.00 psychological level where a breakout can happen in order to rally towards the 98.53 level. Currently, the bullish bias seems to be getting weak, while a pullback at current stage should be taken as a corrective one and it's highly likely it will not be able to consolidate below the 200 SMA on the H1 chart.

H1 chart's resistance levels: 98.01 / 98.53

H1 chart's support levels: 97.71 / 97.15

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 98.01, take profit is at 98.53 and stop loss is at 97.49.