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Home » Featured » US Dollar Index Technical Analysis for December 07, 2015

US Dollar Index Technical Analysis for December 07, 2015

Posted by FXTimes in Featured - December 7th, 2015 7:05 am GMT

Chart setups:
The daily chart view presented here might be indicating that US Dollar Index has completed the much awaited retracement/pullback and is trading at 98.40 levels for now. Please note that the minimum criteria for a correction has been fulfilled since the indice seems to have taken support at fibonacci 0.382 support at 97.50 levels on Friday last. Bulls are expected to take back control from here, and push prices higher towards 104.00 levels at least. Immediate support is seen at 96.50 levels, while resistance is seen through 100.50 levels and higher respectively. According to the wave counts, the rally that began from sub 92.00 levels would complete around 101.50 at least. Also note that the RSI has turned north from 40 levels, which favours for bulls to take control back.
Trading recommendations:
Long now, stop at 96.00 target 101.50 and 104.00
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