Daily analysis of USDX for July 18, 2017

The index is looking to break below 95.10 in an effort to extend weakness towards 94.16. Overall trend remains bearish as long as USDX still trades below the 200 SMA at H1 chart. However, we can expect a recovery to take place towards that moving average before to resume the decline. The next target should be the 94.16 level.


H1 chart's resistance levels: 95.57 / 96.24

H1 chart's support levels: 95.10 / 94.16

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 95.10, take profit is at 94.16 and stop loss is at 96.05.

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