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25.07.201623:11 Forex Analysis & Reviews: Daily analysis of USDX for July 26, 2016

Long-term review

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USDX is trying to extend the decline below the 97.27 level, and it targets to test the 96.60 level, which is below the 200 SMA on the H1 chart. Bulls are still leading the road on the index, but as long as the USDX succeeds in breaking the latest lows, it could try to resume the bearish bias. On the other hand, a consolidation above the 97.74 level can open the doors to test the 98.23 price zone.

H1 chart's resistance levels: 97.74 / 98.23

H1 chart's support levels: 97.27 / 96.60

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 97.27, take profit is at 97.74 and stop loss is at 97.24.

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