FX.co ★ Daily analysis of USDX for May 21, 2015

In the daily chart, the USDX stays below the resistance zone of 95.74, without significant changes in our latest outlooks about this index. Also, we're expecting a higher high pattern formation in order to strengthen the current bullish towards at USDX. The 200 SMA is pointing upwards and the price action is favoring bulls.

The short-term outlook is still there with a probability of a higher high pattern formation on the H1 chart. The resistance zone of 95.82 is offering a strong barrier for the USDX to trade in favor of a bullish bias. But we could expect a breakout there soon, because the current structure is already fueling the bullish bias.

Daily chart's resistance levels: 95.74 / 96.97

Dailychart's support levels: 95.00 / 93.95

H1 chart's resistance levels: 95.82 / 96.21

H1 chart's support levels: 95.18 / 94.70

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 93.85, take profit is at 93.07, and stop loss is at 94.63.