Daily analysis of USDX for January 08, 2018

The US Dollar continues to trade in a bearish tone below the 200 SMA, despite slight attempts to recover above the support level of 91.68. Such area should hold in order to allow more gains in the index towards the 200 SMA. That moving average will help to add pressure in the USDX and eventually it can plummet to test the support zone of 91.13.

USDXH1.png

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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