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29.12.201407:33 Forex Analysis & Reviews: Daily analysis of USDX for December 29, 2014

Long-term review

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On the daily chart, the USDX is kept alive in the bullish bias. There are still no signs that this instrument will make a trend change, at least in the medium term. However, we must not lose sight of the resistance level of 90.40, as this area has been strong in the past and currently, the USDX could make a pullback on that level.

Dailychart's resistance levels: 90.40 / 93.44

Daily chart's support levels: 88.63 / 87.35

The USDX is having fallen below the resistance level of 90.01. Therefore, during today's session, this instrument is likely to fall to the support level of 89.76. However, on this area, the USDX could perform a rebound to rise again to the level of 90.01, while the MACD indicator remains in the negative territory. So, the USDX could perform a breakout at the support level of 89.76.

H1 chart's resistance levels: 90.01 / 90.26

H1 chart's support levels: 89.76 / 89.51

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 90.01, take profit is at 90.26, and stop loss is at 89.76.

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