FX.co ★ Daily analysis of USDX for December 03, 2014

The USDX continues to strengthen the bullish trend above the support level of 88.44. The next hurdle for this instrument is the resistance level of 88.65. If the USDX manages to make a breakout in that area, it would be expected to rise to the level of 89.40 where one bullish trend line is on the H4 chart. The MACD indicator remains in positive territory.

H4chart's resistance levels: 88.65 / 89.00

H4chart's support levels: 88.44 / 88.27

In the H1 chart, the USDX has gained bullish momentum above 200 SMA, because this instrument is forming a bullish pattern above the support level of 88.43. The USDX has reached new high levels for several weeks, so it is very likely that this instrument make a retracement to the support level of 88.43. The MACD indicator is entering overbought area.

H1 chart's resistance levels: 88.71 / 88.99

H1 chart's support levels: 88.43 / 88.15

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 88.71, take profit is at 88.99, and stop loss is at 88.43.