The short-term outlook is still calling for a possible resume of bullish bias in the USDX, because during last session, the Index did a failed breakout at the 200 SMA to the upside on the H1 chart, but it remains supported by the level of 98.39. A rebound at current levels will open the door to test the 99.00 psychological level. The MACD indicator remains at negative territory.
H1 chart's resistance levels: 98.39 / 98.79
H1 chart's support levels: 98.10 / 97.82
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 98.39, take profit is at 98.79, and stop loss is at 97.99.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of USDX for January 11, 2016 . Thanks for your support.
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