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16.01.201722:36 Forex Analysis & Reviews: Daily analysis of USDX for January 17, 2017

Long-term review

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USDX is doing a recovery above the support level of 100.80, despite the U.S holiday with thin volatility in the markets during the American session. So far, the index is trying to approach the 200 SMA at H1 chart and a breakout above that area can expose the next key level of 102.29, which should help to strengthen the bullish bias in the short-term.

H1 chart's resistance levels: 101.76 / 102.29

H1 chart's support levels: 100.80 / 100.01

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 100.80, take profit is at 100.01 and stop loss is at 101.58.

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