The USDX is still trying to ride the overall bullish bias, as the support level of 98.39 rejected the price action from sellers. Now, there is a possible bullish consolidation ongoing above the 200 SMA and the Index is pointing to test the resistance zone of 99.22. If the Index breaks this zone, then we can expect a rally towards the 99.49 level.
H1 chart's resistance levels: 99.22 / 99.49
H1 chart's support levels: 98.79 / 98.39
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 99.22, take profit is at 99.49, and stop loss is at 98.94.
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 12, 2016 . Thanks for your support.
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