Technical analysis of USDX for July 12, 2017

analytics5965cdab97a14.png

The Dollar index got rejected from the short-term cloud resistance at 96.30 and pulled back towards its recent lows at 95.50. A possible double bottom formation could be in play as price is bouncing off the previous lows.

Red line – resistance

Blue line – support

The Dollar index is bouncing off the previous lows at 95.50 which is also a support level. Short-term resistance is at 96.15. Breaking it will increase dramatically the chances of breaking above 96.50 and moving towards 98.

analytics5965ce607cbac.png

Blue lines -bearish channel

The Dollar index continues to trade right on top of the lower channel boundary. Daily resistance is at 96-96.50. Breaking it will open the way for a push higher towards 97.60.

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

Source:: Technical analysis of USDX for July 12, 2017

Won't your trader friends like this?
InstaForex
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Leave a Reply

*