FX.co ★ Daily analysis of USDX for July 22, 2015

The USDX did a pullback. Now, it is consolidating back below the resistance level of 97.47 on the daily chart and that's why the nearest targets are located in the downside, around the support level of 96.57. A breakout there will open doors to the important support at 95.63. The MACD indicator is still at positive territory.

On the H1 chart, the USDX is forming a lower low pattern above the 200 SMA now and we should be aware of support zone around the level of 97.12, because a breakout could happen there. On the other hand, we can expect a rebound there also, if the Index finds strong dynamic support on that moving average mentioned above.

Daily chart's resistance levels: 97.57 / 98.29

Daily chart's support levels: 96.57 / 95.63

H1 chart's resistance levels: 97.53 / 97.77

H1 chart's support levels: 97.12 / 96.73

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 97.53, take profit is at 97.72, and stop loss is at 97.31.