On the daily chart, The USDX is reaching new monthly highs above the key support level of 97.57 and it is expected to test the level of 99.15, when a breakout takes place above 98.29. However, we could expect a pullback when the Index achieves that territory, because it is overbought in lower time frames.
The USDX is trading sideways below the resistance level of 98.22, which is a very important zone in the current bullish intraday structure. If USDX breaks that level, it would be expected to test the next high around 99.02. The 200 SMA is slightly bullish, and the MACD indicator remains at positive territory on the H1 chart.
Daily chart's resistance levels: 98.29 / 99.15
Daily chart's support levels: 97.57 / 96.57
H1 chart's resistance levels: 98.22 / 99.02
H1 chart's support levels: 97.72 / 97.53
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 97.72, take profit is at 98.22, and stop loss is at 97.41.
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 21, 2015 . Thanks for your support.
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