Technical analysis of USDX for July 11, 2017

The Dollar index remains below the 96.30-96.50 resistance area. The trend is neutral. Price has made a higher low but bulls need to make a higher high in order to start a new upward move targeting 98.

Red line – resistance

The Dollar index is trying to approach the resistance trend line at 96.50. The trend is neutral as price mainly moves sideways. Support is at 95.75 and resistance at 96.30. Bulls need to break above 96.30 otherwise a rejection here might lead to a push lower towards 94.

Blue lines – bearish channel

The Dollar index is showing reversal signs off the lower channel boundary. I expect a strong bounce off these levels towards the upper channel boundary or at least towards the Kumo (cloud) lower boundary at 98.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of USDX for July 11, 2017