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Daily analysis of USDX for December 21, 2015

The USDX is looking for an opportunity to find bottom around the level of 98.66 where a rebound can happen towards new highs. Because of that we should see a breakout above the level of 99.48 first for a huge rally. Another scenario is calling for a decline towards the support zone of 98.14, which is located below the 200 SMA on the H1 chart. The MACD indicator is in the negative territory.

USDXH1.png

H1 chart's resistance levels: 99.19 / 99.48

H1 chart's support levels: 98.66 / 98.14

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US dollar index breaks with a bullish candlestick; the resistance level is seen at 99.19, take profit is at 99.48, and stop loss is at 98.86.

The material has been provided by InstaForex Company - www.instaforex.com