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01.07.201500:15 Forex Analysis & Reviews: Daily analysis of USDX for July 01, 2015

Long-term review

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The USDX recovered from the losses produced by filling the bullish gap, and now the Index is looking for an opportunity to break the resistance level of 95.74 as we can note on the daily chart. In case success, it would be expected to test the next high at 96.57.

On the H1 chart, the USDX found dynamic support at 200 SMA and this bullish structure remains very strong, because the Index is forming a higher high pattern above the support level of 95.43. The next upside target is still placed at the level of 95.63. If the USDX does a breakout over there, it would be expected to test the territory of 95.89.

Daily chart's resistance levels: 95.74 / 96.57

Daily chart's support levels: 94.66 / 93.63

H1 chart's resistance levels: 95.63 / 95.89

H1 chart's support levels: 95.43 / 95.09

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 95.63, take profit is at 95.89, and stop loss is at 95.36.

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