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Market Analysis

Home » Featured » US Dollar Index Technical Analysis for December 24, 2015

US Dollar Index Technical Analysis for December 24, 2015

Posted by FXTimes in Featured - December 24th, 2015 6:38 am GMT

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Chart setups:
The US Dollar Index has reacted well from 99.25/30 levels which was also its fibonacci 0.618 resistance level, as seen on the 4H chart here. The index is setting up to rally and form a lower top ahead of 99.25 levels from here, before correcting sharply lower. The rally could find resistance around the 99.00/10 levels before reversing. The other potential wave count could be a rally through the 99.80 levels from here, before reversing. In both cases, the most probable leg should be higher from current levels at 98.18. Immediate support is seen at 97.80 levels, while resistance is seen at 99.30 levels respectively. The RSI holding 40 levels also suggest a potential rally and then reversal.
Trading recommendations:
Long now, stop at 97.70, target is around 99.00 at least

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