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Market Analysis

Home » Featured » US Dollar Index Technical Analysis for December 10, 2015

US Dollar Index Technical Analysis for December 10, 2015

Posted by FXTimes in Featured - December 10th, 2015 5:05 am GMT

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Chart setups:
The daily chart setup has been again presented here, in continuation to previous discussions. The US Dollar Index has dropped slightly lower than expected towards 97.40 levels yesterday.
In spite of stops being triggered, the wave structure still remains intact. Please note that prices are stalling at a convergence of the back side of resistance trend line (which is support now) and the fibonacci 50% of the rally between 92.50 and 100.60 levels respectively. A bullish reversal here, could push prices higher again towards the trend which is up. Immediate support is seen around 96.20 levels, while resistance is seen at 98.70 levels respectively as per swing trading analysis.
The RSI is closing in near the 30 levels, which is constructive for the bulls to take control back from here. Furthermore, the short term timeframes are beginning to show bullish signals (1Hour).
Trading recommendations:
Long now, stop at 96.00, target 101.50 and 103.00
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