Technical analysis of USDX for July 12, 2017

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.

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