logo

FX.co ★ Daily analysis of USDX for January 20, 2017

Daily analysis of USDX for January 20, 2017

The index is hovering now around the 200 SMA area at H1 chart, looking to develop more bullish patterns across the board. However, USDX didn't manage to break above the key resistance level of 101.76, in a move that could open the doors to test the 102.46 level. If the support area of 101.03 gives up today, then another test of the 100.00 handle is likely to happen.

Daily analysis of USDX for January 20, 2017

H1 chart's resistance levels: 101.06 / 101.76

H1 chart's support levels: 101.03 / 100.00

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 101.03, take profit is at 100.00 and stop loss is at 102.05.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Open trading account