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Daily analysis of USDX for June 01, 2015

The USDX is doing some pullbacks in favor of the bullish bias, as the Index is trying to break the support level of 96.97 in order to go until 95.74. For now, the bullish road is still alive, but the USDX needs to do corrective moves first to ride the bullish bias.

 

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During the Friday session, we saw some irregular moves of the USDX, because the Index was lagging above the support zone at 96.90. The resistance level of 97.16 could be tested in the coming hours. On the H1 chart, the 200 SMA is bullish and the current structure is advising us about corrective and no trend-changing moves.

 

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Daily chart's resistance levels: 98.08 / 98.64

Daily chart's support levels: 96.97 / 95.74

H1 chart's resistance levels: 97.16 / 97.60

H1 chart's support levels: 96.90 / 96.53

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level is at 97.16, take profit is at 97.60, and stop loss is at 96.70.



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