02.01.201506:14 Forex Analysis & Reviews: Daily analysis of USDX for January 02, 2015

Long-term review

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The USDX continues trying to consolidate above the 90.16 level, because this instrument has cost much to make a breakout at the resistance level at the H4 chart. If the USDX meets the current bullish objectives, it is expected to rise to the level of 91.00 in the medium term. For now, caution when trading in the short term is recommended.

H4 chart's resistance levels: 90.75 / 91.65

H4chart's support levels: 90.16 / 89.55

At the H1 chart, the USDX had a bullish momentum before the start of 2015 over the support level of 90.01 and now the USDX is trying to form a higher high pattern to reach the resistance level of 90.50 in the short term. Therefore, it is very likely that the USDX will make a little retracement in favor of the current trend.

H1 chart's resistance levels: 90.50 / 90.74

H1 chart's support levels: 90.26 / 90.02

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 90.50, take profit is at 90.74, and stop loss is at 90.26.

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