Daily analysis of USDX for June 05, 2015

As we said in our
recent article, the USDX is probably doing corrective moves in favor of
the overall bullish bias and that’s the way the market is currently
playing. The daily chart is still showing a strong support
located around the 94.66 level. The USDX is trying to break the
resistance level at 95.74 in order to reach the zone around 96.97.

The USDX is forming a bearish short-term structure in the H1 chart. The Index hit some weekly lows during yesterday
session, but now it’s trying to recover until the 200 SMA. If USDX
does a breakout at the resistance level of 96.16, it’s expected to
test the level of 96.77.

Daily chart’s
resistance levels: 96.97 / 98.08

Daily chart’s
support levels: 95.74 / 94.66

H1 chart’s resistance
levels: 96.16 / 96.77

H1 chart’s support levels: 95.71
/ 95.26

Trading recommendations for today:
Based on the H1 chart, place
buy (long)
orders only if the US Dollar Index
breaks with
a bullish
candlestick;
the resistance
level is at 96.16,
take profit is at
96.77,
and stop loss is at 95.57.

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