Remain flat temporarily. | 01 February 2023

Technical observation

USD is trading with an increasing bearish bias below the resistance zone 134.17-133.09, this upwards movement is a correction to the zone I have indicated above and I expect a possible rejection of price within it followed by a rally to the lower side. My advice, remain neutral and wait for a pullback to the zone 134.17-133.09 then sell a bounce within it with your take profit at 103.31 and stop-loss at 138.73. In case of a clear break below the level 103.31 with a big red candle, I expect the price to plummet further to the lower side, bullish positions can only be recommended in case of a clear break above the zone 134.17-133.09.

Trade recommendation

Remain flat temporarily.