The USDX is looking for an opportunity to extend the corrective moves, because the support level of 96.57 is still the closest one. However, we should expect a rebound soon, as the bullish bias remains, but at least in the short term we shall see a possible breakout of the support zone around the level of 96.57. The MACD indicator is entering the neutral territory.
On the H1 chart, the Index is consolidating between the range exposed by the 200 SMA and the current intraday trend is still unclear. That's why we should wait for a breakout above the resistance level of 97.53, in order to resume the bullish bias, but the other side could be a consolidation below the support zone of 97.12.
Daily chart's resistance levels: 97.57 / 98.29
Daily chart's support levels: 96.57 / 95.63
H1 chart's resistance levels: 97.53 / 97.77
H1 chart's support levels: 97.12 / 96.73
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 97.53, take profit is at 97.72, and stop loss is at 97.31.
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 24, 2015 . Thanks for your support.
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