06.01.201700:00 Forex Analysis & Reviews: Daily analysis of USDX for January 06, 2017

Long-term review

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The index once again posted another bearish session during Thursday, as the support level of 101.39 is about to be broken in coming hours. If that happens, we can expect a bearish continuation towards the 100.79 zone and the current location of the 200 SMA on H1 chart is supporting that idea. However, if USDX makes a rebound at current levels, we can expect a slight rebound towards 101.79.

H1 chart's resistance levels: 101.79 / 102.35

H1 chart's support levels: 101.39 / 100.79

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 101.39, take profit is at 100.79 and stop loss is at 101.97.

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