10.12.201411:05 Forex Analysis & Reviews: #USDX technical analysis for December 10, 2014

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Black line = support

Blue line = resistance

The index remains inside the upward sloping channel. Short-term support is at 88.50 and short-term resistance is at 88.85. The decline from 89.50, I believe, is corrective and we could see a new higher high towards 91 as per our bullish flag pattern. Bulls, I believe, have not said their last word yet.

On a weekly basis, the Dollar index remains bullish, although, the double top is not a good sign. If at the end of the week we see this red candle much smaller than it is today, it will be a bullish signal implying that bulls continue to support the trend. However, if the week ends with a candle like this, then we should be very carefull for the next week as this could mean the end of the up trend from 79.75.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.