On the daily chart, the USDX is still moving inside a bullish bias which is still alive, as the Index continues to trade above the support level of 96.57. That's why a breakout above 97.57 shouldn't be discarded yet, but eventually, the USDX could perform a pullback towards the support zone around 96.57. The MACD indicator is entering in the neutral territory.
The Index is still bullish, after a false consolidation which took place below the 200 SMA on the H1 chart. The USDX is looking to break the resistance level of 97.65, sellers are very strong. The 200 SMA is slightly bullish, but the MACD indicator could enter in the negative territory.
Daily chart's resistance levels: 97.57 / 98.29
Daily chart's support levels: 96.57 / 95.63
H1 chart's resistance levels: 97.65 / 98.09
H1 chart's support levels: 97.12 / 96.73
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US Dollar Index breaks with a bearish candlestick; the support level is at 97.12, take profit is at 96.73, and stop loss is at 97.50.
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 August 04, 2015 . Thanks for your support.
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