The index ended the year below the negative territory, as it found support around 101.97, where a key demand area is located across the board. However, current moves should be taken as corrective ones, because the overall structure remains pointing to the upside and further gains are expected following New Year Eve's holidays. Next resistance lies at the 102.53 level and MACD indicator is favoring that scenario.
H1 chart's resistance levels: 102.53 / 103.15
H1 chart's support levels: 101.97 / 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 102.53, take profit is at 103.15 and stop loss is at 101.92.
The material has been provided by InstaForex Company - www.instaforex.com