US Dollar Index (DX) Futures Technical Analysis – August 5, 2015 Forecast

September U.S. Dollar Index futures took out the previous top at 98.31 during the pre-market session, reaffirming the uptrend. The new swing bottom is 96.36.

The major range is the March 16 top at 101.615 to the June 18 bottom at 93.30. Its retracement zone is 97.46 to 98.44. The lower or 50% level is support. The upper or 61.8% level is resistance, but also a potential trigger point for an upside breakout.

A sustained move over 98.44 could trigger an acceleration to the upside with the next target coming in at 100.06.

On the downside, the first potential support levels are a short-term uptrending angle at 97.81 and a long-term uptrending angle at 97.55. This is the last angle before the 50% level at 97.46.

The daily chart opens up to the downside under 97.46 with the next major downside target coming in at 96.68.

Based on the pre-market price action, the direction of the market today is likely to be determined by trader reaction to the Fibonacci level at 98.44.