The USDX has had no significant changes in the daily chart, because the range between the 88.63 and 87.35 levels has made this instrument continue forming a bullish pattern in the long term. Recall that if the USDX takes a breakout at the resistance level of 88.63, it's expected to rise to the level of 90.40. The 200-day moving average still remains at the level of 83.23.
Daily chart's resistance levels: 88.63 / 90.40
Dailychart's support levels: 87.35 / 86.20
In the H1 chart, the USDX is trying to stay below the 200-day moving average, although the support level of 87.86 has given this instrument one slight bullish momentum that could lead it to visit the resistance level of 88.15 in the short term. If the USDX takes a breakout at that level, the next target would be the 88.43 level. The MACD indicator is moving into the negative territory.
H1 chart's resistance levels: 88.15 / 88.43
H1 chart's support levels: 87.86 / 87.58
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 88.15, take profit is at 88.43, and stop loss is at 87.87.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of USDX for December 02, 2014 . Thanks for your support.
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