Daily analysis of USDX for January 04, 2018

USDX is looking to make a retracement at the current stage towards the resistance level of 92.10 in the first degree as the index has been consolidating losses across the board. The 200 SMA still offers dynamic resistance and the upper band of Bollinger should help to add pressure. If the index manages to break below 91.68, the 91.13 level would be the next target.


H1 chart's resistance levels: 92.10 / 92.57

H1 chart's support levels: 91.68 / 91.13

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 91.68, take profit is at 91.13 and stop loss is at 92.24.

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