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Daily analysis of USDX for January 21, 2014

The Union State Address at the United States by their president, Barack Obama, will be an event that will help to give a more evident “north” to the USDX, because at the moment, this instrument is trying to perform a breakout at the resistance level of 93.02, as we can see it on the daily chart after a development of one bullish pattern. The next target would be the 94.18 level.


USDXDaily.png

During the last American's session, the USDX got to stay above the support level of 92.88 with a higher high pattern formation. The USDX is still respecting the bullish trend line next to the support level of 92.88. Currently, the short-term bias for the USDX would be the level of 93.22, where this instrument could find strong resistance. We'll be waiting for a breakout at that zone.


USDXH1.png

Daily chart's resistance levels: 93.02 / 94.18


Dailychart's support levels: 91.88 / 90.28


H1 chart's resistance levels: 93.22 / 93.65


H1 chart's support levels: 92.88 / 92.55




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 93.22, take profit is at 93.65, and stop loss is at 92.79.


The material has been provided by InstaForex Company - www.instaforex.com