Daily analysis of USDX for December 01, 2016

USDX remains capped by the resistance level of 101.74, as the bullish force is weakening in an overall view. However, there are still chances to see a hike above that resistance and if that happens, we can expect further gains toward the 102.61 level. However, if 200 SMA dynamic support gives up, a decline should take the index to test the 100.53 level.

USDXH1.png

H1 chart's resistance levels: 101.74 / 102.61

H1 chart's support levels: 100.53 / 99.39

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 101.74, take profit is at 102.61 and stop loss is at 100.87.

The material has been provided by InstaForex Company - www.instaforex.com
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