07.07.201501:48 Forex Analysis & Reviews: Daily analysis of USDX for July 07, 2015

Long-term review

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The USDX remains alive in the bullish cycle formed on the daily chart, because the index stays above the support level of 95.74 and it's looking to trade above 96.57. If that happens in the short term, it would be expected to test the next resistance located around 97.57. The MACD indicator is still at positive territory.

In the H1 chart, the USDX continues to trade sideways and it's looking to develop clearer intraday structure. That's why the index is calling for more upside room and it would be expected to test the resistance level of 96.65 again. However, a pullback shouldn't be discarded yet. It could be extended until the 200 SMA.

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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