The Dollar Index, #USDX, is making a correction after having reached the level of 92.52, the level of April 7. At this level, there is strong resistance of the price action. If the index consolidates below, it could make a correction in the next few hours.
If the momentum to buy the dollar index gains strength again, then there are no relevant obstacles until the 92.96 area. There is the 7/8 murray reversal zone and strong resistance.
Meanwhile, and looking at daily charts, the outlook for the USDX looks constructive and bullish, as long as it remains above the 200-day SMA (91.46).
On the 4-hour chart, we note the 6/8 murray zone. This level will give it a bullish bounce with targets at 7/8 murray.
On the contrary, a consolidation below 6/8 of Murray could weaken the US Dollar further and drag it down to the support of the 200 EMA. To overcome this level, we expect a prolonged correction to the level of 91.40, the key level of the EMA of 200 on daily charts and strong support.
Support and Resistance Levels for July 01 - 02, 2021
Resistance (3) 92.94
Resistance (2) 92.68
Resistance (1) 92.50
----------------------------
Support (1) 92.22
Support (2) 92.06
Support (3) 91.79
The material has been provided by InstaForex Company - www.instaforex.com