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14.12.201602:00 Forex Analysis & Reviews: Daily analysis of USDX for December 14, 2016

Long-term review

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The index managed to consolidate above the 200 SMA on H1 chart despite the bearish tone during Tuesday's session ahead of Fed's meeting. Markets are highly expecting a rate hike by the central bank, but that move has been already priced. However, to the upside, we can target the levels of 101.56 and 101.93 across the board. MACD indicator is turning flat.

H1 chart's resistance levels: 101.56 / 101.93

H1 chart's support levels: 100.93 / 100.43

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 101.56, take profit is at 101.93 and stop loss is at 101.18.

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