Our short-term outlook for the USDX remains bearish because the 200 SMA on the H1 chart is still acting as strong dynamic resistance, and by the way, we should still follow the downside bias. Also, the current fractal structure is calling for a bearish trend, which will receive some kind of New Year Eve's aftermath momentum. The MACD indicator is entering the negative territory.
H1 chart's resistance levels: 98.14 / 98.66
H1 chart's support levels: 97.86 / 97.66
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US dollar index breaks with a bearish candlestick; the support level is found at 97.86, take profit is at 97.66, and stop loss is at 98.05.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of USDX for December 30, 2015 . Thanks for your support.
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