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18.01.201623:35 Forex Analysis & Reviews: Daily analysis of USDX for January 19, 2016

Long-term review

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The H1 chart shows that USDX is consolidating above the 200 SMA and the bullish outlook remains unchanged, as the index is trying to break the resistance level at 99.22. It would also break the range where the US dollar has been trapped for several sessions in this month. The MACD indicator is entering negative territory, so be cautious when trading in the long-side below the 99.22 level.

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 USD Index breaks with a bullish candlestick; the resistance level is at 99.22, take profit is at 99.49, and stop loss is at 98.94.

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