Wait for a correction | 29 January 2020

Technical observation

USD is still rising towards the resistance zone 109.75-109.62. I expect a rejection of it within the zone for bearish movements towards the level 106.67. My advice, wait for a correction to 109.75-109.62 and a rejection within it to sell USD with your take profit at 106.67. In case there is a clear penetration below 106.67, wait for pullback to it and a rejection to confirm further bearish price rally before you continue short. As long as price is contained below the zone 109.75-109.62 on the daily chart above, only short positions may be recommended. Long positions may only be advisable above 109.75-109.62.

Trade recommendation

Wait for a correction to 109.75-109.62 to sell USD.