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24.01.201823:24 Forex Analysis & Reviews: Daily analysis of USDX for January 25, 2018

Long-term review

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The index is showing a very weak price action and the bears are taking it to test the support level of 89.36, at which could gather enough momentum to go towards the 87.88 level. To the upside, it seems the 200 SMA is acting as a dynamic resistance and if it manages to break above that area, the next target lies at 91.75.

H1 chart's resistance levels: 90.63 / 91.75

H1 chart's support levels: 89.36 / 87.88

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 89.36, take profit is at 87.88 and stop loss is at 90.81.

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