FX.co ★ Daily analysis of USDX for January 30, 2015

The USDX is still strong in the bullish bias and the next target for this instrument continues to be the resistance level of 95.45 on the daily chart. Also, remember that the USDX formed a fractal below the support level of 94.18, that could be an indication of a bullish strengthening. At the moment, we recommend to hold buy positions until the 95.45 level.

As for the intraday outlook, the USDX seems to be following the bullish bias above the 200 SMA with a trend line. Currently, the instrument is trying to perform a breakout at the resistance level of 94.78. If successful, the next target could be placed at the 95.05 level. Also, the price action is showing us some bullish patterns on the H1 chart.

Daily chart's resistance levels: 95.45 / 97.52

Dailychart's support levels: 94.18 / 93.02

H1 chart's resistance levels: 94.78 / 95.05

H1 chart's support levels: 94.38 / 94.02

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 94.78, take profit is at 95.05, and stop loss is at 94.49.