FX.co ★ Daily analysis of USDX for November 08, 2016

The index managed to consolidate gains during Monday's session, following the risk aversion that surged after FBI words on Clinton email probe, days before the US elections. At a technical perspective, USDX is trying to rally towards the 98.00 psychological level, where the 200 SMA is also located as a dynamic resistance. If we see a breakout above that zone, then it's likely that attempts advance to the 98.65 level, as the next target to the upside.

H1 chart's resistance levels: 98.01 / 98.65

H1 chart's support levels: 97.62 / 97.12

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 97.62, take profit is at 97.12 and stop loss is at 98.12.