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21.07.201709:17 Forex Analysis & Reviews: Technical analysis of USDX for July 21, 2017

Long-term review

The Dollar index remains in a bearish trend in all time frames. Price made a new lower low today as its main component EUR/USD is rallying. The Dollar index has now reached our second target of 94.

Exchange Rates 21.07.2017 analysis

Blue lines - bearish channel

The Dollar index is trading inside the bearish channel. Price is right on top of the lower channel boundary. RSI (5) is oversold and diverging. The RSI (14) is diverging. Support is here at 94. Resistance is at 94.40. If broken we could see a push higher towards 94.70-94.80.

Exchange Rates 21.07.2017 analysis

Blue lines - bearish channel

The Dollar index remains inside the daily bearish channel and is clearly in a bearish trend as price continues to make lower lows and lower highs. Daily resistance is at 95.10 and next at 96. A short-term bounce towards 95-95.50 is justified from current levels but its counter trend so trading it would not be preferred.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2022
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