Daily analysis of USDX for December 22, 2017

USDX awaits to make a strong breakout to the downside, as the bears are looking to test the support zone of 92.83. Such move could be a confirmation that the index has found a dynamic resistance in the 200 SMA at H1 chart. However, if it does a rebound and travels toward the 94.09 level, the next target should be the 94.85 level.


H1 chart's resistance levels: 94.09 / 94.85

H1 chart's support levels: 93.30 / 92.83

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 93.30, take profit is at 92.83 and stop loss is at 93.76.

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