02.06.201503:07 Forex Analysis & Reviews: Daily analysis of USDX for June 02, 2015

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On daily chart, the USDX is still trading higher and looking to test the resistance zone around 98.08. There is a higher high pattern formation on the chart. That's why we would like to remain long on the Index, as long as it stays above the support level of 96.97 in this time frame. The 200 SMA is still bullish and the upside is still strong.

Monday's session was slow, but bullish for the USDX in an intraday basis, because the Index is looking to break the resistance level of 97.60 in order to reach the resistance zone of 98.05. That resistance remains very strong in the short term basis and the Index is looking to do consolidation above it during this week.

Daily chart's resistance levels: 98.08 / 98.64

Daily chart's support levels: 96.97 / 95.74

H1 chart's resistance levels: 97.60 / 98.06

H1 chart's support levels: 97.16 / 96.90

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 97.60, take profit is at 98.06, and stop loss is at 97.16.

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