Daily analysis of USDX for January 05, 2018

The index continues to find resistance at the 92.10 level as an effort to resume the bearish bias, but corrective moves are not discarded yet at this stage. If the support zone of 91.68 gives up, the next leg lower should go as long as the 91.13 level. The MACD indicator remains in favor of the bears, moving in the negative territory.


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.

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