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24.12.201406:30 Forex Analysis & Reviews: Daily analysis of USDX for December 24, 2014

Long-term review

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On the daily chart, the USDX remains strong in the current bullish momentum. So, this instrument is likely to reach the resistance level of 90.40 in the coming hours. For now, the USDX could begin to form a higher high pattern to attempt a breakout in that area and go up to the next target at 93.44 in the medium term.

Dailychart's resistance levels: 90.40 / 93.44

Dailychart's support levels: 88.63 / 87.35

The USDX has been moving in a range above the support level of 90.01 in the last hours, but this instrument has not yet shown signs of making a change in the current trend. So, it is wise to think that the USDX should be kept strong in the bullish trend, at least in the short term. The MACD indicator is in the negative territory.

H1 chart's resistance levels: 90.26 / 90.50

H1 chart's support levels: 90.01 / 89.76

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 90.26, take profit is at 90.50, and stop loss is at 90.01.

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