23.06.201502:02 Forex Analysis & Reviews: Daily analysis of USDX for June 23, 2015

Long-term review

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The support zone of 93.75 remains very strong in the daily time frame. We have been expecting demand zone to be placed over there since several weeks ago. The USDX could test the resistance zone of 95.74 in coming days. The MACD indicator is still in negative territory.

In the H1 chart, support level of 93.88 rejected the Index during the monday session and that's why we expect more corrective moves. Anyway, the resistance level of 94.33 is still strong and we cannot discard a possible pullback towards the level of 93.88 where a strong demand zone is located in the short term.

Daily chart's resistance levels: 94.66 / 95.74

Daily chart's support levels: 93.75 / 93.14

H1 chart's resistance levels: 94.33 / 94.63

H1 chart's support levels: 93.88 / 93.53

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US Dollar Index breaks with a bearish candlestick; the support level is at 93.88, take profit is at 93.53, and stop loss is at 94.24.

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