At the daily chart, the USDX had no sudden movements and fulfilled an impending trend change. However, the USDX still remains alive in our bullish oulook. Therefore, our next target on the upside road remains at the resistance level of 93.44, which is a level that could be reached easily, due to few obstacles on the upside road.
Dailychart's resistance levels: 93.44 / 96.60
Dailychart's support levels: 91.62 / 90.40
The USDX is attempting a breakout at the level of 92.08 after conducting a rebound on the 200-day moving average on the H1 chart. If the USDX manages to consolidate above the level of 92.08, it would be expected to reach the level of 92.51 in the short term, although this instrument is kept moving in a low volume territory.
H1 chart's resistance levels: 92.08 / 92.51
H1 chart's support levels: 91.66 / 91.24
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 92.08, take profit is at 92.51, and stop loss is at 91.66.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of USDX for January 15, 2014 . Thanks for your support.
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