02.12.201501:20 Forex Analysis & Reviews: Daily analysis of USDX for December 02, 2015

Long-term review

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On H1 chart, the USDX is finding dynamic support at the 200 SMA. A rebound is expected in coming hours because of the current strengthening in the US dollar. A breakout above the level of 100.24 will open the door to test the key high around the level of 101.01. However, if a bearish consolidation happens below the level of 99.80, then we can expect a fall towards 99.25.

H1 chart's resistance levels: 100.24 / 101.01

H1 chart's support levels: 99.80 / 99.25

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX breaks with a bullish candlestick; the resistance level is seen at 100.24, take profit is at 101.01, and stop loss is at 99.48.

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