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29.01.201823:31 Forex Analysis & Reviews: Daily analysis of USDX for January 30, 2018

Long-term review

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USDX is in a recovery phase since January 25th and it seems we could expect a leg higher to test the 200 SMA at the H1 chart. That move could help to strengthen the bearish bias for the short-term because if the index manages to do a pullback around the moving average, it could be on the way to test the support zone of 89.36.

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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