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22.01.201505:37 Forex Analysis & Reviews: Daily analysis of USDX for January 22, 2015

Long-term review

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The USDX remains trapped below the resistance level of 93.02, as this instrument is trying to develop a higher high pattern on the daily chart. Anyway, the USDX could do a retracement to the support level of 91.88 to take a breath and continue to develop the bullish bias in the medium term. Remember that a breakout at the resistance level of 93.02 could activate buy orders to the 94.18 level.

The USDX is already doing some zig-zag movements as we can see it on the H1 chart. Currently, the USDX is trying to fill a bearish gap near to the level of 92.70, but on the upside, this instrument could do a breakout at the resistance level of 92.88, with short-term targets at 93.22 in a 1:1 risk and ratio trade.

Daily chart's resistance levels: 93.02 / 94.18

Dailychart's support levels: 91.88 / 90.28

H1 chart's resistance levels: 92.88 / 93.22

H1 chart's support levels: 92.55 / 92.35

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 92.88, take profit is at 93.22, and stop loss is at 92.55.

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