USDINDEX Daily Forecast Oct 26 2018

USDINDEX: Bullish, Eyes Further Upside…

The U.S dollar index remains on the upside as long as trades above 94.04 level on a daily closing basis, resistance comes at 96.45 levels, a break will aim the 96.95 level, further upside, resistance comes at 97.40 level ahead of 97.70 level.

On the downside, immediate support comes at 96.04 level, below that level sees a corrective pullback to 95.70 before another rise, however; below 95.70, will extend the corrective pullback to 95.18 levels, before a strong rise…

Conclusion: The U.S dollar index sees upside threats above 96.04 level.

Support: 96.04, 95.70, 95.40, 95.18

Resistance: 96.45, 96.95, 97.40, 97.70

Key data/events which may affect U.S dollar index today:

  • U.S Advanced Third Quarter GDP at 12:30 GMT. The U.S economy is expected to expand at an annual rate of 3.3% in the July-Sept period, down from a growth of 4.2%. Any reading above 3.3% will support the USD while below that level may bring a corrective pullback.