Daily analysis of USDX for June 01, 2015

The USDX is doing some pullbacks in favor of the bullish bias, as the Index is trying to break the support level of 96.97 in order to go until 95.74. For now, the bullish road is still alive, but the USDX needs to do corrective moves first to ride the bullish bias.

USDXDaily.png

During the Friday session, we saw some
irregular moves of the USDX, because the Index was lagging above the
support zone at 96.90. The resistance level of 97.16 could be
tested in the coming hours. On the H1 chart, the 200 SMA is bullish and the
current structure is advising us about corrective and no
trend-changing moves.

USDXH1.png

Daily chart’s
resistance levels: 98.08 / 98.64

Daily chart’s
support levels: 96.97 / 95.74

H1 chart’s resistance
levels: 97.16 / 97.60

H1 chart’s support levels: 96.90
/ 96.53

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 97.16,
take profit is at
97.60,
and stop loss is at 96.70.

The material has been provided by InstaForex Company – www.instaforex.com

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