Daily analysis of USDX for December 04, 2017

The bears have been taking the control of USDX across the board and it has tested the support level of 92.70. That level should give up in order to allow a leg to test the support zone of 91.85. On the positive side, if the index manages to rebound at the current stage, then it's likely to see a re-testing of the 200 SMA at H1 chart.

USDXH1.png

H1 chart's resistance levels: 93.60 / 93.98

H1 chart's support levels: 92.70 / 91.85

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 92.70, take profit is at 91.85 and stop loss is at 93.53.

The material has been provided by InstaForex Company - www.instaforex.com