The current cycles at the USDX are still showing enough room for upside moves at least in the daily chart. Because of it, the Index could test the resistance zone of 96.57 again where it could try a breakout in order to reach new highs. On the other hand, the USDX could make a pullback.
In H1 chart, the USDX is trading above the support level of 95.89, which is still producing a strong demand zone and the price action gets irregular when that territory is reached. By the way, we're still seeing the current moves as corrective and any opportunity to buy at lows will be a good strategy, but with caution.
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.
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 July 03, 2015 . Thanks for your support.
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