A bullish gap is taking advantage of the USDX current trend on the daily chart, because the Index responded Greek news released at the weekend. Currently, we could expect a huge fall to the support level of 95.74 where it is currently making a strong bottom. That move is needed because of the gap.
The H1 chart is advising us to wait for a gap which is expacted to take place in coming hours, because the USDX is trying the resistance level of 96.25. However, this pullback could be extended below the support level of 95.80, but our overall forecast for this Index is still bullish, at least in the short and mid term. The MACD indicator is overbought.
Daily chart's resistance levels: 96.57 / 97.49
Daily chart's support levels: 95.74 / 94.66
H1 chart's resistance levels: 96.25 / 96.57
H1 chart's support levels: 95.80 / 95.48
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index gets broken with a bullish candlestick; the resistance level is at 96.25, take profit is at 96.57, and stop loss is at 95.93.
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 29, 2015 . Thanks for your support.
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