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01.02.201623:39 Forex Analysis & Reviews: Daily analysis of USDX for February 02, 2016

Long-term review

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In the H1 chart, the USDX had a decline since the highs made during the Friday session and we now see that the Index is facing-off a huge inflection area formed during the January 27th and 28th sessions (98.99). If the USDX achieves in break that zone to the downside, then we can expect another decline to test the lows of the January 20th, near the 98.69 level.

H1 chart's resistance levels: 99.23 / 99.43

H1 chart's support levels: 98.99 / 98.69

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 99.23, take profit is at 99.43, and stop loss is at 99.03.

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