FX.co ★ Daily analysis of USDX for May 20, 2015

The USDX is still riding the current bullish momentum above the support level of 95.00 and we're expecting a test of the resistance level at 95.74. If the index consolidates upwards, it would face strong resistance at the level of 96.97, which gives the USDX enough room to trade in favor of the bullish bias.

On the H1 chart, the USDX is forming a bullish pattern above the support level of 95.18. Now, the focus remains on the upside, exactly at the 95.82, where the Index should do a breakout in order to rise until the resistance level at 96.21. Currently, the bullish consolidation above the 200 SMA tells us about the bullish trend, which could last for several days more.

Daily chart's resistance levels: 95.74 / 96.97

Dailychart's support levels: 95.00 / 93.95

H1 chart's resistance levels: 95.82 / 96.21

H1 chart's support levels: 95.18 / 94.70

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 93.85, take profit is at 93.07, and stop loss is at 94.63.