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17.01.201621:43 Forex Analysis & Reviews: Daily analysis of USDX for January 18, 2016

Long-term review

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The USDX is still showing some declines resisting in some way to advance in the bullish bias, which is presented on an overall basis. However, the index remains trading above the support level of 98.79 and the 200 SMA in the H1 chart. So, this outlook cannot be fully discarded yet as the USDX could test the resistance level of 99.22 in order to do another rally towards the level of 99.49.

H1 chart's resistance levels: 99.22 / 99.49

H1 chart's support levels: 98.79 / 98.39

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US dollar index breaks with a bullish candlestick; the resistance level is seen at 99.22, take profit is at 99.49, and stop loss is at 98.94.

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