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Market Analysis

Home » Featured » US Dollar Index Technical Analysis for December 14, 2015

US Dollar Index Technical Analysis for December 14, 2015

Posted by FXTimes in Featured - December 14th, 2015 7:52 am GMT

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Chart setups:
The daily chart view presented here indicates that the US Dollar Index has retraced to its fibonacci 0.50 support at 97.30 levels lately. Also please note that the index has tested the back side of the resistance trend line, which acts as support now. A bullish reversal can be expected from the recent lows or around the 96.40 levels, which is fibonacci 0,618 support of the rally between 93.50 and 100.50/60 levels respectively. If prices manage to reach/drop towards 96.30 levels, It would be considered as the optimal level of entry for considering fresh long positions. The RSI is also holding well above the 30 levels indicating that upside still remains in the index. Bulls are expected to take control at current levels or around 96.30 levels respectively.
Trading recommendations:
Long now, stop at 96.00, target 101.50, 103.00 at least.
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