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16.06.201505:07 Forex Analysis & Reviews: Technical analysis of USDX for June 16, 2015

Long-term review

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The soft US data pushed the USDX below 100Dema. The Index closed below that. The US Dollar Index has been consolidating at 100Dema, finally closed below that level. Dollar bulls managed to hold the previous support. TheEmpire State Manufacturing Survey published on June 2015 indicates that business conditions worsened slightly for New York manufacturers. The general business condition index dropped by five points to -2.0. This index has been hovering near zero for the past three months, suggesting that activity has remained flat since April. Besides, manufacturing output fell unexpectedly. The strong dollar puts pressure on the US manufacturing sector. Analysts had forecasted 0.2% , but readings produced a drop of 0.2 %.

Ahead of the FOMC meeting, the USDX is trading higher at today's Asian session. The immediate resistance is seen at 95.00. The support is found at 94.70 and 94.30. The Index has been hitting lower highs and lower lows. We recommend intraday selling below 94.60 with targets at 94.40, 94.30, 94.00, and 93.75. The panic is likely to be triggered below 94.30. The strong support levels are found at 92.30 and 92.00.

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