It seems the USDX could extend the lower continuation for several days more, because the Index is looking to break the support level of 94.66 in order to fall until the 93.75 low level in the daily chart. The 200 SMA is currently bullish and the overall trend is still pointing to the upside. However, in the mid term, we could expect more donwsides before the rally resumes.
In the H1 chart, the outlook is bearish in the short term, as the USDX is looking to develop a lower low pattern for a fall towards the support level of 94.33. Now, the Index is trying to recover from the recent losses, but the 200 SMA is still bearish and it could be supporting future lower continuation in the USDX structure. The MACD indicator is still in positive territory.
Daily chart's resistance levels: 95.74 / 96.97
Daily chart's support levels: 94.66 / 93.75
H1 chart's resistance levels: 95.15 / 95.71
H1 chart's support levels: 94.63 / 94.33
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US Dollar Index breaks with a bearish candlestick; the support level is at 94.63, take profit is at 94.33, and stop loss is at 94.93.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of USDX for June 11, 2015 . Thanks for your support.
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