On the H1 chart, the USDX is trying again a bullish consolidation above the 200 SMA, looking to rally towards the resistance level of 98.66. However, at the current stage we can expect a pullback to resume the short-term bearish bias, because an overall structure is still favoring this scenario. There is a strong demand zone around the level of 97.86.
H1 chart's resistance levels: 98.66 / 98.90
H1 chart's support levels: 98.14 / 97.86
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX breaks with a bearish candlestick; the support level is found at 98.14, take profit is at 97.86, and stop loss is at 98.43.
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 31, 2015 . Thanks for your support.
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