The daily chart structure is showing a double bottom pattern, which could help bulls get some kind of momentum in the coming days in order to reach new highs. However, we could expect more pullbacks when the USDX tests the resistance level of 95.74. The MACD indicator is entering the positive territory.
On the H1 chart, there is a good opportunity to enter with long trades, but be cautious with the current strength of the resistance level of 95.48. Anyway, if it does a breakout there, the level of 95.80 will be the next target.
Daily chart's resistance levels: 95.74 / 96.57
Daily chart's support levels: 94.66 / 93.75
H1 chart's resistance levels: 95.48 / 95.80
H1 chart's support levels: 95.24 / 94.63
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 95.48, take profit is at 95.80, and stop loss is at 95.10.
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 25, 2015 . Thanks for your support.
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