Daily analysis of USDX for July 06, 2017

The index is finding dynamic resistance around the 200 SMA area at H1 chart and the bears could appear in order to push lower to the greenback. However, if the bullish bias comes back to action, the next target would be the resistance level of 96.77, while a pullback should push lower the US Dollar Index to test the 95.77 level.

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