The USDX had a pullback below the support level of 94.18, as a result of normal correction moves that the instruments had to do to follow the general bullish bias without overbought levels at the oscillators, such as the MACD indicator. By the way, the USDX could extend the retracement until the support level of 93.02. The 200 SMA is still bullish.
The bias on the H1 chart is bearish, as the USDX had a deep fall until the 200 SMA, where later this instrument did a rebound and got consolidated above the support level of 94.02. Currently, the USDX is forming a bearish pattern, but that rebound could be an indication of a dynamic support found on that zone, as the USDX is taking a breath to continue strengthening the general bullish bias.
Daily chart's resistance levels: 94.18 / 97.52
Dailychart's support levels: 93.02 / 92.02
H1 chart's resistance levels: 94.38 / 94.78
H1 chart's support levels: 94.02 / 93.67
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 94.38, take profit is at 94.78, and stop loss is at 94.01.
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 28, 2015 . Thanks for your support.
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