Daily analysis of USDX for June 29, 2017

Overview:

USDX is accelerating the downside and it looks can reach the support zone of 95.77 in coming hours. If the index manages to consolidate its price action below 95.77, then it's likely to test the support area of 95.10. However, we expect a recovery to take place, focusing on the resistance zone of 96.77, which coincides with the 200 SMA at H1 chart.

H1 chart's resistance levels: 96.77 / 97.20
H1 chart's support levels: 96.38 / 95.77

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 95.77, take profit is at 95.10 and stop loss is at 96.42.

Analysis are provided by InstaForex