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US Dollar Index Technical Analysis for December 28

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The resistance at 99.25 levels, has proved to be quite strong for the US Dollar Index till now. The index is expected to take a corrective rally though, towards mid 98.00 levels from current levels before reversing lower again. Please note that 96.00/95.80 levels should provide strong support since it is fibonacci 0.618 level, of the rally between 93.70 and 100.50 levels. Immediate support is seen at 97.20 levels (interim), followed by 96.50, while resistance is seen at 99.20/25 levels, followed by 100.50 and higher respectively. A push through 99.20/25 levels would indicate that the index is headed towards fresh highs at 101.50 and 103.00 respectively. The RSI is holding around 50 levels for now, indicating that short term bounce could be expected.

Trading recommendations:

Flat for now.

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