FX.co ★ Daily analysis of USDX for July 22, 2016

On the H1 chart, USDX is still capped by the resistance zone of 97.27, and now it looks like a decline will take place towards the 200 SMA, around the support level of 96.60. If the index succeeds in breaking it, the door will be opened to test the next key level at the 95.89 area on a short-term basis. The MACD indicator is favouring the bearish scenario, but a rebound can be seen anyways.

H1 chart's resistance levels: 97.27 / 97.74

H1 chart's support levels: 96.60 / 95.89

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 97.27, take profit is at 97.74 and stop loss is at 96.81.