The H1 chart structure is showing us that the USDX has declined sharply from the highs formed around the 200 SMA price zone. Currently, the Index is finding strong bottom around the 98.52 level which is an inflection area formed during the January 15th session's lows. If the USDX manages to break that zone to the downside, then we can expect another decline towards the 98.35 level, which would endanger our bullish overall outlook.
H1 chart's resistance levels: 98.72 / 98.97
H1 chart's support levels: 98.52 / 98.35
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks a bullish candlestick; the resistance level is at 98.72, take profit is at 98.97, and stop loss is at 98.46.
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 29, 2016 . Thanks for your support.
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