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22.12.201600:06 Forex Analysis & Reviews: Daily analysis of USDX for December 22, 2016

Long-term review

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USDX is trapped in a sideways range on the H1 chart, holding a support around 102.56. We're still projecting an upside target at the 103.98 level where a breakout should help to push the price towards the 104.69 level. The index could test the 200 SMA once again, and if it manages to consolidate below that area, a support level will be followed around 101.40.

H1 chart's resistance levels: 103.98 / 104.69

H1 chart's support levels: 102.56 / 101.40

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 103.98, take profit is at 104.69 and stop loss is at 103.26.

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