Daily analysis of USDX for June 23, 2017

USDX continues to ride a bullish structure above the 200 SMA at H1 chart and it's targeting the 98.18 level. However, moving average could give up to the bears' pressure and the index might extend the decline towards 97.10 in a first degree. In the bullish's outlook, once the 97.84 level has been broken, it can rise to test the 98.18 level.


H1 chart's resistance levels: 97.84 / 98.98

H1 chart's support levels: 97.61 / 97.10

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 97.84, take profit is at 98.98 and stop loss is at 97.51.

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