Daily analysis of USDX for July 04, 2017

Following positive data of ISM PMI in the United States, the index is looking to break above 96.24 in order to consolidate its price action above the 200 SMA at H1 chart. However, as the trading volume comes back later today, the greenback may start to pull back towards 96.77, which is our first target to the downside.

1499113329_USDXH1.png

H1 chart's resistance levels: 96.77 / 97.20

H1 chart's support levels: 96.38 / 95.77

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 95.77, take profit is at 95.10 and stop loss is at 96.42.

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