Daily analysis of USDX for January 05, 2016 Market Analysis Review

In a short-term basis, USDX has been doing some bullish moves above the support level of 98.66, after a strong momentum received around the 200 SMA to the upside and now we can expect a rally towards the 99.07 level to test again that high. We cannot discard a pullback that could be extended until the support level of 98.66. MACD indicator is at positive territory.

H1 chart's resistance levels: 98.90 / 99.07

H1 chart's support levels: 98.66 / 98.14

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 98.90, take profit is at 99.07, and stop loss is at 98.72.

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