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
Trading recommendations for today:
Based on the H1 chart, place
orders only if the US dollar index
level is found at
take profit is at
and stop loss is at 98.05.
The material has been provided by InstaForex Company – www.instaforex.com