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    Daily analysis of USDX for July 17, 2015

    The USDX continues its impulsive journey with current bullish momentum showed on the daily chart because the Index is looking for an opportunity to break the resistance level of 97.57. However, we should expect a strong pullback at current levels because the current path tells us that resistance is so strong and could be a serious obstacle for bulls in the mid-term.

    USDXDaily.png

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    On the H1 chart, the USDX is looking to consolidate above the resistance level of 97.72, but this could happen after a bullish pattern formation, which is currently taking place in this time frame. On the other side, we should be aware about a possible breakout of the support around the level of 97.53. If that happens, the Index could test the level of 97.21.

    USDXH1.png

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    Daily chart's resistance levels: 97.57 / 98.29

    Daily chart's support levels: 96.57 / 95.74

    H1 chart's resistance levels: 97.72 / 98.22

    H1 chart's support levels: 97.53 / 97.21

    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 97.72, take profit is at 98.22, and stop loss is at 97.21.


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