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Daily analysis of USDX for June 03, 2015

The US Dollat Index is testing the support level of 95.74 now. If it does a breakout in that zone, the USDX will fall to the level of 94.66. Anyway, we think this corrective move is a short-term bearish bias, because the USDX aims at the upside and the immediate resistance is seen around the level of 96.97.

 

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In the H1 chart, the Index is forming a lower low pattern below the resistance level of 96.16 and now, the risk to the downside is still there, but in a short term basis. The USDX is trading below the 200 SMA, but this Index will try to follow possible bullish momentum which could come soon. The MACD indicator is oversold.

 

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Daily chart's resistance levels: 96.97 / 98.08

Daily chart's support levels: 95.74 / 94.66

H1 chart's resistance levels: 96.16 / 96.53

H1 chart's support levels: 95.71 / 95.26

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 96.16, take profit is at 96.53, and stop loss is at 95.78.



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