The USDX is performing retracements as we can see it on the daily chart, finding support at the level of 94.18, with high odds of a bullish recovery to the next target at the resistance level of 95.45. Remember that a fractal is already formed in that zone and that could produce some pullbacks on the USDX, but we still believe there is enough bullish momentum to reach new highs.
On the H1 chart, the USDX found strong supply force at the resistance level of 94.78, and it could avoid the bullish progression of the USDX on a near term basis, but the support level of 94.38 is still stronger, because the 200 SMA is nearby, that is also pointing to the upwards. Anyway, be cautious, because the MACD indicator is in the negative territory.
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 / 94.14
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 94.51.
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 February 03, 2015 . Thanks for your support.
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