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10.12.201523:44 Forex Analysis & Reviews: Daily analysis of USDX for December 11, 2015

Long-term review

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The USDX is recovering from recent losses above the support level of 97.60 and it should be expected to test the 200 SMA in the H1 chart, where a pullback can happen because of the dynamic resistance offered. However, if the USDX wants to resume the bullish bias, then we should see first a higher high pattern formation above that moving average. The MACD indicator is entering the neutral territory.

H1 chart's resistance levels: 98.14 / 98.80

H1 chart's support levels: 97.60 / 97.01

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US dollar index breaks with a bearish candlestick; the support level is found at 97.60, take profit is at 97.01, and stop loss is at 98.21.

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