FX.co ★ Daily analysis of USDX for January 29, 2014

Yesterday, the FOMC minutes were published and the USDX had a bullish momentum above the support level of 94.18. Besides, a fractal was formed next to that zone. Currently, the USDX is still following the bullish bias. So, the instrument could reach the resistance level of 95.45 in the nearest time. At the moment, the 200 SMA and MACD indicator are still bullish.

On the H1 chart, the USDX made a successful breakout at the resistance level of 94.38, the USDX is on the way to reach the resistance level of 94.78 in the coming hours. If the USDX makes a breakout to that zone, it would be expected to rise until the resistance level of 95.05. Fron the intraday view, the USDX still has strength to continue building the bullish road.

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.