FX.co ★ Daily analysis of USDX for January 08, 2015

The USDX continues to find solid support in the bullish trendline near the 91.95 level and now this instrument could rise to the resistance level of 92.62, which would be the next target on the upside road. On the other hand, if the USDX does a breakout at the support level of 91.62, it is expected to fall to the level of 91.17. The MACD indicator is entering neutral territory.

H4 chart's resistance levels: 92.62 / 93.45

H4chart's support levels: 91.62 / 91.17

On the H1 chart, the USDX is attempting a breakout at the 92.08 level, because during yesterday's session, the USDX made a false breakout in that area. The current price action is indicating that this instrument will still have strength to continue extending the bullish trend. However, we should trade with caution anyway.

H1 chart's resistance levels: 92.08 / 92.51

H1 chart's support levels: 91.66 / 91.24

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 92.08, take profit is at 92.51, and stop loss is at 91.66.