InstaForex - Analytics

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    Daily analysis of USDX for July 06, 2015

    On the daily chart, the USDX is doing a pullback after successful testing at the resistance level of 96.57. The downside target is set around the support level of 95.74. We should expect a rebound over there. However, we could expect more bullish moves on this Index as it remains trading above the 200 SMA and the MACD indicator is still positive.

    USDXDaily.png

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    The Index is trying to fill the bullish gap left at the monday early session opening and we could expect a strong bottom at the support zone of 96.13. There are more bullish price actions happening above the support level of 95.89, but a breakout below that low will unleash the bearish force and push the USDX lower.

    USDXH1.png

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    Daily chart's resistance levels: 96.57 / 97.57

    Daily chart's support levels: 95.74 / 94.66

    H1 chart's resistance levels: 96.38 / 96.65

    H1 chart's support levels: 96.13 / 95.89

    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 96.38, take profit is at 96.65, and stop loss is at 96.13.


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