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Market Analysis

Home » Featured » US Dollar Index Technical Analysis for December 22, 2015

US Dollar Index Technical Analysis for December 22, 2015

Posted by FXTimes in Featured - December 22nd, 2015 6:57 am GMT

Chart setups:
The US Dollar Index has moved lower from 99.25/30 levels earlier as discussed here. The index is trading around 98.40/50 levels, looking for a retracement/pullback before continuing its drop. Please note that the rally from 97.20 levels earlier is still corrective (3 waves) and hence the index could remain vulnerable to bears. Also note that the index has reversed from the fibonacci 0.618 resistance levels at 99.25 levels and hence the extensions re pointing towards 96.00 and lower levels for now. Immediate support is seen at 9720 levels (interim), followed by 96.50 and lower, while resistance is seen at 99.25 levels (interim), followed by 100.50 and higher respectively. The RSI had reversed from 70 levels earlier.
Trading recommendations:
Take profits on short positions taken earlier.
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