Instaforex Analysis

[InstaForex Gertrude]

Daily analysis of USDX for January 03, 2017

USDX stayed above the demand zone of 101.97 as it is awaiting further momentum in order to establish a clear path in the short term. It seems that the bears are favored in the current scenario because the index is consolidated below the 200 SMA on H1 chart and a breakout below that zone should help to extend the decline towards the 101.40 level.

H1 chart's resistance levels: 102.53 / 103.15
H1 chart's support levels: 101.97 / 101.40

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 102.53, take profit is at 103.15 and stop loss is at 101.92.

More analysis - at instaforex.com

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