The exciton spin dynamics in a quantum well with a magnetic field applied in its plane is analyzed theoretically. The exchange interaction between the electron and the hole is assumed to be strong. The width of the Hanle effect profile is shown to depend on the hole spin relaxation time. The intensity signal obtained under pulsed exciton generation as a function of time is characterized by two decay times, and the polarization signal, by a third time which is strongly dependent on the applied field.